In a landmark win for Main Street, the financial reform bill will result in substantial new protections for consumers from the tricks and traps in personal financing that indirectly and otherwise led to the financial crisis. The resulting Bureau has the independence and authority it needs to get the job done. Whatever compromises were made
Under current law, there is no single body designated to look at the “big picture,” and head off financial crises like the crash of 2008 and major non-bank players in the financial market operated in the shadows without any government oversight. Here’s how the Wall Street reform bill changes the status quo. What We Won,
Credit-ratings agencies had been held up historically as neutral arbiters of risk. That turned out to be far from the truth, as evidenced by the numerous mortgage-backed securities and other risky securities that states and municipalities in particular bought because they had been slapped with a AAA rating – meaning they were supposed to be
Selling over-the-counter derivatives is among the most lucrative businesses for the largest financial companies. U.S. commercial banks held derivatives with a notional value of $216.5 trillion at the end of the first quarter of this year, according to the Office of the Comptroller of the Currency. JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp.,
WALL STREET REFORM POLLING MEMO See below a new polling memo from Benenson Strategy Group on the strong support for Wall Street Reform. TO: Interested Parties FROM: Joel Benenson RE: American Support for Wall Street Reform DATE: June 28, 2010 Americans show strong support for Wall Street reforms and believe that it is urgent that
June 27, 2010 United States House of Representatives Re: Support for Passage of the Dodd/Frank Reform Compromise Dear Representatives: Americans for Financial Reform applauds Congress, especially Chairman Dodd and Chairman Frank, for moving forward with such significant legislation reforming Wall Street and holding the big banks accountable. This Dodd-Frank Act represents meaningful progress from the