Washington, DC – Michael Bennet, U.S. Senator for Colorado, today applauded Senate passage of historic legislation that lays out new rules for Wall Street, cracks down on big bank abuses, improves accountability and transparency in the financial sector, ends taxpayer-funded bailouts and protects consumers. The Wall Street Reform and Consumer Protection Act of 2010, the strongest reform of Wall Street since the 1930s, passed the Senate by a vote of 60 to 39.
“Main Street has won with landmark reform of the way Wall Street does business,” said Bennet. “This historic reform bill protects taxpayers from bank bailouts and the reckless behavior of a Wall Street that brought the world’s most productive economy to a breaking point. This legislation ends taxpayer-funded bailouts, brings more transparency and accountability to Wall Street and protects and empowers Colorado consumers.”
The Wall Street Reform and Consumer Protection Act conference report includes key language from the bipartisan Pay It Back Amendment, authored by Bennet, to end the TARP bailout. It also includes Bennet-backed amendments that strengthen consumer protections in the bill. One amendment clarifies that a broker’s disclosures must contain clear and understandable information on investment objectives, fees and risks to individuals either purchasing mutual funds or rolling over their 401(k)s. Two other amendments strengthen the oversight over credit rating agencies that have struggled with conflicts of interest and lackluster performance throughout the recent financial crisis.
The conference report, which has been passed by the House as well, will be sent to the President’s desk for signature into law.