Senate Takes Historic Step Towards Reining in Wall Street, Protecting Consumers

Published: May 20th, 2010

Senate passage of the Restoring American Financial Stability Act, S. 3217, tonight was long over-due and sets the stage for final passage of an historic reform. This bill to rein in Wall Street is a bill that Main Street will like. While the bill isn’t perfect, it includes strong measures to rein in Wall Street’s casino bets, regulate the shadow derivatives markets, protect consumers and prevent future economic meltdowns.

We applaud Senator Begich for his support of the final package, and his consistent votes in the public interest during the floor debate and amendment process. We are disappointed that Senator Murkowski voted against financial reform, and against reining in the Wall Street firms that caused such a huge financial crisis.

We urge Congressional leaders to use the conference process to select the strongest provisions of the House and Senate bills while rejecting the efforts of lurking Wall Street lobbyists to weaken or delay passage of a strong final law.

Today, the Senate declined to vote on the anti-consumer Brownback amendment to immunize car dealers from oversight of the Consumer Financial Protection Bureau, leaving in place broad authority for the consumer watchdog over non-bank lenders. This is an important improvement over the House passed bill.

Passage of the Restoring American Financial Stability Act includes a strong, independent Consumer Financial Protection Agency, preserves some authority for state attorneys general to enforce the laws, opens up the shadow markets where derivatives are traded, and ends, once and for all, ‘too big to fail.’

In the News | Senate Takes Historic Step Towards Reining in Wall Street, Protecting Consumers

Search for:

Health Care

Every year, Alaskans pay more and more but get less and less for their health care dollar. The average total cost of an employer-sponsored family health plan in 2008 was $12,680 and is projected to nearly double by 2016.

Renewable Energy

Despite being an energy producing state, fuel and energy prices in Alaska continue to rise. Alaskans will continue to pay higher prices for energy as long as the bulk of our utility costs are tied to the volatile prices of fossil fuels. But we can change. Alaska has more potential for true energy independence through renewable energy than any other state in the union.

Alaska Public Interest Research Group is a non-partisan, non-profit, citizen oriented statewide organization researching, educating and advocating on behalf of the public interest. AKPIRG exists to promote the public and consumer interests, especially when inconsistent with moneyed, powerful or other special interests.