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.
TABLE of CONTENTS:
- Timeline
- The fight in the Conference Committee – the final Conference Report was issued on June 29, 2010
- The fight in the Senate – the bill passed the Senate on May 20, 2010
- The fight in the House of Representatives – the bill passed the House on December 11, 2009
- Voting Records
- Information by Issue: the Consumer Financial Protection Bureau, Derivatives, Systemic Risk and Resolution Authority, Investor Protection and Corporate Governance, Credit Ratings Agencies, and Hedge Funds and Private Equity.
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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.”