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Yarmuth Votes to Hold Wall Street Accountable and End Taxpayer-Funded Bailouts

(Washington, DC) Yesterday, Congressman John Yarmuth (KY-3) voted in favor of the Wall Street Reform and Consumer Protection Act, landmark legislation aimed at preventing future economic crises by reining in Wall Street, ending taxpayer-funded and “Too Big to Fail” bailouts and strengthening consumer protections to help ensure Americans are protected from the abusive practices of mortgage lenders, credit card companies, and big banks.

“The reckless gambling of Wall Street banks and mortgage lenders pushed our economy to the brink of a great depression and cost millions of American families their jobs or their homes,” said Congressman Yarmuth. “This legislation will help ensure this never happens again, empowering and protecting consumers while establishing common sense rules that will hold Wall Street banks accountable for their irresponsible behavior.”

The House of Representatives approved the Conference Report for the Wall Street Reform and Consumer Protection Act by a vote of 237 to 192 yesterday evening.

The legislation also ends taxpayer-funded bailouts. Firms acting irresponsibly will be preemptively dismantled with the use of funds contributed from the financial services industry – not the taxpayer.

 

Endorsed by the AARP, the Consumer Federation of America, and the Consumers Union, this legislation was was publicly debated for more than 50 hours, and includes over 70 Republican and bipartisan amendments.

 

Other provisions include:

  • Creates the Consumer Financial Protection Bureau, streamlining the bureaucracy to prevent predatory lending practices and make sure consumers get the clear information they need to be empowered to make the best choices for the financial future of their families.
  • Gives shareholders a say on bonuses given to company executives and limits risky pay practices of executives at major financial institutions.
  • Closes loopholes and strengthens oversight on large banks and financial firms – including new regulation of credit rating agencies and riskier hedge funds, derivatives, and other complex financial deals.
  • Protects 401(k) and pension plans by stopping big wall street institutions from taking unnecessary risks that threaten the financial system and your assets.