July 16, 2010
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The National Consumers League hails the passage of the Dodd-Frank financial reform bill in the Senate as major victory for American consumers. The following statement is attributable to Sally Greenberg, NCL Executive Director:
The financial devastation of the past three years has put millions of Americans out of work, caused them to lose their homes and their retirement savings. Reckless banking, mortgage and Wall Street practices created the problem, while the protections consumers and working families needed were woefully inadequate. Consumer groups, labor unions, civil rights organizations have sought for years to protect consumers, homebuyers, and small businesses. This bill will help us get those protections.
The bill will:
- Create a strong consumer protection agency to protect consumers and working people from predatory lenders;
- Require most derivatives to clear and trade on open, transparent exchanges and mandate that managers of hedge and private equity funds register with the Securities and Exchange Commission;
- Give long term investors tools to hold corporate boards and senior management accountable; and
- Help prevent future bank bailouts by creating a council of regulators to oversee systemic risk, giving regulators authority to dissolve failing financial institutions while prohibiting bailouts for bank shareholders and executives
- Move us toward restoring of Glass Steagall by limiting banks’ ability to make risky bets backed by taxpayer funds.
We also commend those House and Senate members who stepped up to protect consumers, hold the banks accountable, and provide a level playing field for all citizens. NCL looks forward to seeing President Obama sign this into law.
About the National Consumers League
Founded in 1899, the National Consumers League is America’s pioneer consumer organization. Its mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. NCL is a private, nonprofit membership organization. For more information, visit www.nclnet.org.