Congressman Al Green Praises Passage of the Wall Street Reform and Consumer Protection
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Congressman Al Green Praises Passage of the Wall Street Reform and Consumer Protection

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Washington, DC – December 14, 2009 – (RealEstateRama) — Today, Congressman Al Green (TX-09) voted to pass historic legislation that will bring about the biggest changes in financial regulation since the New Deal, by voting in favor of H.R. 4173, the Wall Street Reform and Consumer Protection Act.

Passed in the House by a vote of 223 to 202, this act establishes a comprehensive set of rules that will enhance consumer and investor protections with the goal of preventing another financial crisis such as the one the nation is now recovering from.

“All the scandals and struggles we, as a country, have witnessed during the past two years are the best evidence that we needed to make big changes. I am confident the new legislation not only will better protect the finances of American families, but it will also promote a higher degree of responsibility on the part of financial institutions,” said Congressman Green.

The new legislation will create the Consumer Financial Protection Agency, which will regulate mortgages and credit cards and will make sure that Americans are protected from unfair and abusive financial products and services.

The new rules end taxpayer-funded bail outs of so-called “Too big to fail” financial institutions. At the same time, the Securities and Exchange Commission’s powers will be strengthened so that it can better protect investors and regulate the nation’s securities markets.

The new legislation also outlaws many of the industry practices that marked the subprime lending boom and it will ensure that mortgage lenders make loans that benefit the consumer. “Predatory lending, especially for minorities, has been one of the principal beasts of our severe economic crisis. Under the new rules, those practices will not be allowed anymore,” added Green.

Congressman Green also commented that $3 billion will be transferred from the Troubled Assets Relief Program to provide emergency loans to struggling homeowners to assist them against foreclosure; and that $1 billion will be redirected into federal neighborhood stabilization programs that will redevelop abandoned or foreclosed homes.

“Risky and irresponsible behavior, and the failure to regulate the financial industry led to the worst financial crisis since the Great Depression. But it stops now. This bill will hold Wall Street and the big banks accountable,” stated Green.

Contact:
Alvaro ‘Al’ Ortiz
Press Secretary
Congressman Al Green, 9th District-Texas
United States House of Representatives
3003 South Loop West, Suite 460
Houston, TX 77054
Office Phone: 713-383-9234/Extension 111
Cellular Phone: 202-527-1109
Fax: 713-383-9202
Email: Alvaro.Ortiz (at) mail.house (dot) gov
http://www.house.gov/algreen/

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On January 4, 2007 U.S. Representative Al Green took the oath of office to serve the people of Texas’ 9th Congressional District and began his second term in the United States House of Representatives. As a veteran civil rights advocate, he has dedicated his life to fighting for those in society whose voices, too often, are not heard.

Congressman Green’s chief legislative priority for the 110th Congress is creating a Federal Living Wage. As the Democratic Whip for Region 6 and one of the newest members of the Committee on Homeland Security, Green is dedicated to increasing U.S. port and border security and reducing chemical, biological, radiological and nuclear threats. He also serves on the Financial Services Committee where he continues his fight to eliminate insurance, housing and lender practices that have historically victimized low and moderate income communities. Additionally, Congressman Green remains committed to increasing the levels affordable housing and ensuring that every American realizes the dream of homeownership.

Contact:

Alvaro 'Al' Ortiz (Press Secretary)
Office Phone: (713) 383 9234 Ext. 111
Cell Phone: (832) 606 5869

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