Maloney Applauds Senate Passage of Landmark Financial Reform Bill

Jul 15, 2010
Press Release

WASHINGTON, D.C. – Rep. Carolyn Maloney (D-NY) issued the following statement applauding Senate passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act:

“These reforms, the most significant changes to banking regulations in three generations, mark a new era. This landmark legislation will protect consumers and investors, while allowing our financial services industry to continue financing the creativity and innovation that have made the American economy the envy of the world.

“This bill restores safety and soundness to the system, reduces the likelihood of another systemic crisis, and restores faith and confidence in our institutions and markets while safeguarding American consumers from predatory, unfair and deceptive practices through the Consumer Financial Protection Bureau, centralizing consumer protection authority in one place.

“For far too long, in our financial system and its products, any concerns about consumer protection came in a distant second, or third, or not at all. Now, anyone who opens a checking or savings account, anyone who takes out a student loan or a mortgage, and anyone who opens a credit card or takes out a payday loan, will have a federal agency on their side to protect them.

“I’m particularly pleased that two items I authored were included in the final language that will give consumers direct access to the CFPB -- a new toll-free consumer hotline and a Consumer Ombudsperson.

“I also worked with Senator Durbin to help craft a compromise on interchange fees that requires the Federal Reserve to establish fairer interchange rates charged for debit cards that are more in line with the actual cost of processing a transaction, while preserving the option of pre-paid debit cards for those who don't have bank accounts and the use of debit cards by government agencies to distribute benefits.

“America has long been the world leader in financial services. With this landmark legislation, we can set an example and take the lead in global financial reform.”