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The Fight for Financial Reform

Submitted by on September 1, 2009 – 11:20 am

During 2009 and 2010, AFR fought for the strongest possible law to protect consumers, businesses and taxpayers from another financial collapse.  A final bill called the “Dodd-Frank Wall Street Reform and Consumer Protection Act” became law on July 21, 2010.  Read our statement on its final passage below.

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AFR STATEMENT ON PASSAGE

July 21, 2010

FOR IMMEDIATE RELEASE

Washington, DC Americans for Financial Reform, an unprecedented coalition of more than 250 national and state organizations who have spent the past year fighting for Financial Reform legislation, issued the following statement on President Obama’s signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Heather Booth, Director, Americans for Financial Reform: “With his signature, President Obama ushers in a sea change after decades when the big banks were allowed to write their own rules, take advantage of consumers, and collect huge bonuses for themselves while leaving the rest of us to pay the costs of their recklessness. The financial reform legislation will empower consumers by putting an independent advocate on their side when it comes to buying homes and managing their credit. Banks and other financial institutions will no longer be allowed to gamble with our money for their profit, and risky investments will be forced out into the light of day. Families and businesses alike will benefit from increased transparency and security, and from pushing banks away from speculation and towards making sound loans.

“We applaud the President and Congress for their leadership in guiding this legislation into law, a clear victory for Main Street. We look forward to ensuring that these strong reforms are implemented with all Americans in mind.”