The economic crisis in our country has been deep and its impact devastating. Today, the U.S. Senate responded boldly by passing the Restoring American Financial Stability Act of 2010 (S.3217), which protects families and small businesses from unfair financial practices and guards against regulatory lapses like those that led to the largest taxpayer–funded bailout in U.S. history.
Before the President can sign final legislation into law, the Senate must now reconcile its bill with similar legislation the House passed in December. We look forward to working with members of both chambers as they do that.
But concerns remain. In this final stretch we hope lawmakers will resist Wall Street's efforts to water down the bills' strong provisions. First among these is the creation of a strong consumer financial protection agency with power to establish common-sense lending rules. Additionally, we urge Congress to ensure these rules are applied to all lenders--including auto dealers--and to resist attempts to give firms "veto power" over proposed rules before a full public debate.
As a result of the economic meltdown, millions of Americans have lost a great deal, including their jobs, their homes, their savings, and their confidence in our financial system. The reforms proposed by Congress will go far to helping restore trust. We call on them to act without delay."
For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org; Ginna Green at (510) 379-5513 or ginna.green@responsiblelending.org or Charlene Crowell at (919) 313-8523 or charlene.crowell@responsiblelending.org.