'Back From the Brink'
House Passes Financial Reform and Creates CFPA - A Major Step Toward Protecting Consumers As We Move Forward, USAction Says

Washington, D.C. – The U.S. House, bucking the wishes of the Chamber of Commerce, the largest banks and the most powerful lobbyists, today voted for financial reform and to create the Consumer Financial Protection Agency. If the Senate follows the House, it would mark the first time a federal entity has been created whose sole mission would be to safeguard American consumers in the financial markets.

USAction Program Director Alan Charney hailed passage of the landmark legislation:

“One step toward leading our country back to jobs and economic growth is protecting Americans from unscrupulous and abusive lending and banking practices. These practices are in part responsible for the millions of Americans who are unemployed today or who are facing eviction from their homes. Today’s vote by the U.S. House represents a roadmap back to reality. We commend Speaker Pelosi and Chairman Frank for their leadership and hope that the Senate leadership will follow in their footsteps. It’s high time that we put the needs of Main Street before the profit margins of Wall Street.”