What Wall Street Reform Means for You

Years of deregulation and lax oversight of unscrupulous Wall Street banks cost us 8 million jobs during the current Great Recession. The new Wall Street Reform and Consumer Protection law, passed by the Democratic-led Congress and signed by President Obama on July 21, 2010 will:

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

• Put a stop to predatory lending abuses and industry gimmicks hidden in fine print

• Inject transparency and accountability into a financial system run amok

Watch a short video synopsis of what Wall Street Reform means for you (courtesy of the White House):

Watch Rep. Becerra discuss the Consumer Protection Bureau, a key provision of the new law:

LEARN MORE

• The Top 10 Things You May Not Know About the Wall Street Reform and Consumer Protection Act
• Read the Dodd-Frank Wall Street Reform and Consumer Protection Act
• Read a summary of the legislation on the Financial Services Committee website

The Consumer Financial Protection Bureau

The central mission of the new Consumer Financial Protection Bureau (CFPB), established by the Wall Street Reform law, is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.

Below is a quick video introduction to the CFPB:

RELATED ARTICLES ON FINANCIAL REGULATION

• July 26, 2012 - Telephone Town Hall, July 25, 2012
• June 29, 2012 - Telephone Town Hall, June 28, 2012
• April 17, 2012 - Find out how your tax dollars are spent
• March 16, 2012 - KPCC: Ask your Congress member: Rep. Xavier Becerra talks to his constituents
• March 16, 2012 - KPCC: Ask your Congress member: Rep. Xavier Becerra talks to his constituents
• March 1, 2012 - Telephone Town Hall, February 29, 2012
• December 8, 2011 - Telephone Town Hall, December 7, 2011
• July 21, 2011 - On the One-Year Anniversary of Wall Street Reform
• January 5, 2011 - REP. BECERRA: NEW HOUSE RULES DO THE OPPOSITE OF WHAT WAS PLEDGED TO THE AMERICAN PEOPLE
• December 3, 2010 - REP. BECERRA: "FIRST STEP TOWARDS MAKING THE HARD CHOICES"
• October 27, 2010 - REP. BECERRA URGES QUICK ACTION TO KEEP CALIFORNIANS IN THEIR HOMES
• July 21, 2010 - REP. BECERRA ON THE ENACTMENT OF WALL STREET REFORM
• June 30, 2010 - REP. BECERRA VOTES TO PROTECT CONSUMERS AND HOLD WALL STREET BANKS ACCOUNTABLE
• June 26, 2010 - Video: Rep. Becerra on the new Consumer Protection Bureau in Wall Street Reform
• May 28, 2010 - REP. BECERRA VOTES TO CLOSE WALL STREET TAX LOOPHOLES, PROMOTE JOB CREATION
• March 24, 2010 - REP. BECERRA RELEASES STATEMENT ON APPOINTMENT TO PRESIDENT'S FISCAL RESPONSIBILITY COMMISSION
• November 4, 2009 - BECERRA VOTES TO ACCELERATE IMPLEMENTATION OF CONSUMER CREDIT CARD PROTECTIONS
• May 20, 2009 - BECERRA VOTES TO SEND CREDIT CARDHOLDERS' BILL OF RIGHTS TO THE PRESIDENT'S DESK
• May 7, 2009 - BECERRA'S STATEMENT ON THE PRESIDENT'S BUDGET PROPOSAL
• April 30, 2009 - BECERRA VOTES TO PASS CREDIT CARDHOLDERS' BILL OF RIGHTS
• April 29, 2009 - BECERRA VOTES TO PASS BUDGET
• April 2, 2009 - BECERRA VOTES TO PASS LONG TERM ECONOMIC PLAN FOR GROWTH
• March 5, 2009 - REP. BECERRA VOTES FOR LEGISLATION TO ADDRESS HOUSING & FORECLOSURE CRISES
• January 9, 2009 - BECERRA VOTES FOR PAYCHECK FAIRNESS AND GENDER EQUITY
• February 1, 2008 - Press Releases: Financial Regulation