House passes historic Wall Street reform

Congresswoman Chellie Pingree supports legislation to crack down on big banks and credit card companies

The House today passed the Wall Street Reform and Consumer Protection Act of 2009, historic legislation that will dramatically reform the way big banks and credit card companies do business.  Speaking on the bill yesterday, 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 yesterday. “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.A summary of provisions of the bill can be found here.