Cohen Votes for Wall Street Reform and Consumer Protection Act

WASHINGTON, D.C. – Congressman Steve Cohen (D-TN-9) today voted to support the Wall Street Reform and Consumer Protection Act, legislation that would rebuild our economy by instituting common-sense rules to ensure big banks and Wall Street do not play with the economic futures of working families.

“Big banks should not be allowed to play Russian roulette with our savings or economic futures,” said Congressman Cohen. “Through deregulation under President Bush and Republicans, big banks and Wall Street exploited loopholes and gambled with the savings of millions of Americans. This bill would protect working families, college students, seniors and small businesses from being exploited by Wall Street.”

The legislation Congressman Cohen voted to support would:

• End bailouts by ensuring taxpayers are never again on the hook for Wall Street’s risky decisions;

• Protect families’ retirement funds, college savings, homes and businesses’ financial futures from unnecessary risk by CEOs, lenders, and speculators;

• Protect consumers from predatory lending abuses, fine print, and industry gimmicks;

• Inject transparency and accountability into a financial system run amok;

• Create a new independent watchdog within the Federal Reserve with the authority to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices;

• Allow consumers free access to their credit score if their score negatively affects them in a financial transaction or a hiring decision. The measure includes modified language of a bill Congressman Cohen authored -- Fair Access to Credit Scores -- that allows consumers free access to their credit score if it negatively affects them in a financial transaction;

• Establishes an Office of Minority and Women Inclusion at federal banking and securities regulatory agencies that would address employment and contracting diversity matters. The offices would coordinate technical assistance to minority-owned and women-owned businesses and seek diversity in the workforce of the regulators.

For more details on the legislation please visit the House Committee on Financial Services by clicking here.