April 23, 2010
“We all have an obligation to take responsibility for our financial
decisions,” Durbin said. “But markets work best when buyers have a
clear understanding of the products available, so that they can smartly
choose what is best for them. This Wall Street reform bill would make
these markets work for all of us, not just Wall Street.”
Durbin: Reform Bill Empowers Consumers Against Excesses of Wall Street
[CHICAGO, IL] – A bill to bring
accountability to Wall Street will give American consumers the strongest
consumer financial protections against abusive lending practices in
history, U.S. Senator Dick Durbin (D-IL) said today. The measure, set
to be debated next week in the Senate, also includes strict new
regulations to stop Wall Street from gambling America’s financial
security.
The Wall Street reform bill
would create a Consumer Financial Protection Bureau, housed in the
Federal Reserve, designed to protect consumers from tricks, traps,
shadowy markets and fine print. Durbin was the first Senator to propose
the creation of an independent agency with the sole function of
protecting consumers.
“This bureau would
finally put a real cop on the beat that would empower consumers to
choose between mortgages, credit cards, and auto loans that are designed
to win their business by offering consumers a good deal, not one that’s
only good for the banks,” Durbin said. “The bureau will write strong,
sensible rules that apply to all lenders evenly, which means no
carve-outs for anyone.”
The bill will make the
banks and speculators pay for the costs of their mistakes so taxpayers
never again have to bail out these institutions. Banks and credit card
companies will be forced to offer clear terms in plain English.
Consumers will have the information they need to compare rates so they
can make the financial choices that are right for them.