Congressman Garamendi Joins President Obama, Vice President Biden, and Congressional Leaders at Wall Street Reform Signing Ceremony
WASHINGTON, DC – Congressman John Garamendi (D-Walnut Creek, CA) today joined President Barack Obama as he signed The Dodd-Frank Wall Street Reform and Consumer Protection Act. Along with Vice President Joe Biden, Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, and other Congressional leaders, Congressman Garamendi celebrated this new law to bring Wall Street under commonsense rules to protect consumers and prevent further financial meltdowns like the one that led to the Great Recession.
"Today is a very good day for Main Street and hardworking Americans. We have taken important steps to fight insatiable Wall Street greed and to promote long-term stability in our economy," Congressman Garamendi said. "We are adding critical protections for the American people, including homeowner assistance and the formation of an independent consumer protection agency to advocate on consumers' behalf."
Largely because of the collapse of America's financial sector, America lost eight million jobs and $17 trillion in retirement savings.
There are many new regulations meant to protect Americans from excessive fees, to end irresponsible lending, provide mortgage relief, and create more oversight and rating of complicated financial products. The law also takes steps to end 'too big to fail' banks without costing taxpayers a penny. The process would involve exhausting all of the company's assets and then additional costs would be covered by a dissolution fund to which all large financial firms would contribute.
The new law has been called the "strongest set of Wall Street reforms in three generations" by Elizabeth Warren, chair of the nonpartisan Congressional Oversight Panel. It is endorsed by the AARP, Consumer Federation of America, Consumers Union, Council of Institutional Investors, National Fair Housing Alliance, National Restaurant Association, Public Citizen, SEIU, and U.S. PIRG, among other organizations. Only three Republicans in the House and three in the Senate supported the bill.
"We passed a comprehensive and historic overhaul bill that the President signed into law today." Congressman Garamendi continued. "We showed the American people that we stand with them, not the big banks. Despite Republican stall tactics, Wall Street banks will no long be able to play Russian roulette with our economy."