Press Releases

Congresswoman Chellie Pingree says financial system has “too long been allowed to operate behind closed doors”

Congresswoman Chellie Pingree urged her colleagues today to pass historic reform for Wall Street and the banking and credit card industries.  Speaking on the floor of the U.S. House, Pingree said it’s time to rein in the excesses in the financial service industry. 

“For too long we’ve looked the other way as the big banks and the credit card companies ran rough-shod over American consumers,” Pingree said.  “By exploiting loopholes they’ve acted recklessly and irresponsibly to line their pockets, leaving America’s families and small businesses to pay the price.”

The bill creates a new Consumer Financial Protection Agency that Pingree says “will make sure that credit card companies stop misleading consumers with hidden fees buried in the small print or teaser rates that lure people in and let the banks make huge profits.”

The legislation being considered by the House today will also create new regulations for investments.  

“We can inject transparency and accountability into a financial system that has for too long been allowed to operate behind closed doors, trading complex financial instruments in secret, without the necessary regulation and enforcement,” Pingree said on the floor.

The bill, HR 4173, the Wall Street Reform and Consumer Protection Act of 2009, is expected to pass the House tonight.