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Financial Privacy & Security

 

Reining In Wall Street

For too long, bankers themselves have written the rules on Wall Street.

This year, that has to change. Read more.



Overview

Loose restrictions and a lack of transparency and oversight have allowed financial institutions to engage in reckless practices like buying and packaging sub-prime mortgage backed securities.

Americans can't stand by as the financial sector takes excessive risks with retirees savings and is backed by bailouts with taxpayers hard-earned dollars.

The American banking and financial services system lacks basic rules to guide the marketplace, transparency, and accountability. In 2008, this created a financial crisis that brought the world economy to the brink of collapse.

Millions of Americans have lost their jobs,

We need a financial system that:

• protects consumers against predatory loans and practices;

• provides greater transparency for Wall Street; and

• ends the need for future bailouts by making sure no bank is “too big to fail.”

We need to protect consumers and our economic future with new rules to put a check on irresponsible banking practices and we need to make sure those rules are enforced. We need independent enforcement. No more cozy relationships between regulators and the regulated.

The historic vote of the House of Representatives on the Wall Street Reform and Protection Act on Dec. 11, 2009. The vote was 223-202.

 

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