Update: Consumer Protection Agency Almost a Reality…
After a marathon session lasting until 5:30 a.m. on Friday June 25th, Congress finally agreed upon a financial reform bill. Despite the millions of dollars the Big Banks spent to weaken it, and despite the thousands of lobbyists on their payroll, the bill is a huge advance for folks on Main Street.
At long last, the bill will create a Consumer Financial Protection Bureau!
The House of Representatives passed the final bill on June 30 (see how your Rep voted here).
But it’s not clear that the Senate has the 60 votes needed to pass the bill. Click here to tell your Senators to side with Main Street, not Wall Street, and vote “YES” on financial reform!
To be sure, there is work left to be done even if the bill passes. More must be done to break up the big banks. Much more must be done to address the foreclosure crisis. And, auto dealers did win a carve-out from the Consumer Financial Protection Bureau. As part of a last-minute compromise, however, the Federal Trade Commission (FTC) was given new authority to keep an eye on them. Click here for details about what’s in the bill.
Note: this post was originally posted on June 28, and updated on July 8.