Wall Street Reform? Check.
This morning, President Obama added Wall Street reform to his administration’s growing list of accomplishments delivered during 18 months in office. The new law represents the strongest protections for consumers in history, and ensures taxpayers never are forced to foot the bill for Wall Street’s reckless behavior.
For today’s bill signing, President Obama was joined by several folks who represent all of the Americans who will benefit from this bill. The President explained exactly how it will help:
For all those Americans who are wondering what Wall Street Reform means for you, here’s what you can expect. If you’ve ever applied for a credit card, a student loan, or a mortgage, you know the feeling of signing your name to pages of barely understandable fine print.
But what often happens as a result, is that many Americans are caught by hidden fees and penalties, or saddled with loans they can’t afford. That’s what happened to Robin Fox, hit with a massive rate increase on her credit card balance even though she paid her bills on time. That’s what happened to Andrew Giordano, who discovered hundreds of dollars in overdraft fees on his bank statement – fees he had no idea he might face. Both are here today.
Well, with this law, unfair rate hikes, like the one that hit Robin, will end for good. And we’ll ensure that people like Andrew aren’t unwittingly caught by overdraft fees when they sign up for a checking account.
With this law, we’ll crack down on abusive practices in the mortgage industry. We’ll make sure that contracts are simpler – putting an end to many hidden penalties and fees in complex mortgages – so folks know what they’re signing.
With this law, students who take out college loans will be provided clear and concise information about their obligations.
And with this law, ordinary investors – like seniors and folks saving for retirement – will be able to receive more information about the costs and risks of mutual funds and other investment products, so that they can better make financial decisions that work for them.
All told, these reforms represent the strongest consumer financial protections in history. And these protections will be enforced by a new consumer watchdog with just one job: looking out for people – not big banks, not lenders, not investment houses – in the financial system.
OFA supporters played a critical part at every step of the way toward getting Wall Street reform passed and signed into law. Today’s victory continues to show that when we work together, we can make progress that puts our country on a path to a stronger future.
