Washington, D.C. - Today, Rep. Berman voted to rein in Wall Street, end taxpayer bailouts of big banks, and create a consumer financial protection bureau that finally puts consumers first.  The Dodd-Frank Wall Street Reform and Consumer Protection Act will end the era of abuses by “too big to fail” banks that have cost the American people 8 million jobs and $17 trillion in retirement savings and net worth.

Working families in California and across the country have lost their homes, their jobs, and their retirement savings as a result of Wall Street’s recklessness and greed.  The Bush Administration looked the other way as Big Banks made a buck at the expense of average Americans.  Now Congress is working to restore common sense and empower consumers.

The Wall Street Reform and Consumer Protection Act will help prevent the risky financial practices that led to the financial meltdown and stop large financial firms from gambling with Americans’ retirement and college savings and home values. In addition, taxpayers will no longer pay the price for Wall Street’s irresponsibility.  The bill creates a process to shut down large, failing firms whose collapse would put the entire economy at risk.  After exhausting all of the company’s assets, additional costs would be covered by a “dissolution fund,” to which all large financial firms would contribute.

The bill will create the Consumer Financial Protection Bureau (CFPB), a new consumer watchdog devoted to protecting Americans from unfair and abusive financial practices.  This independent bureau will provide clear and accurate information to families and small businesses to ensure that bank loans, mortgages, and credit cards are fair and affordable.  Just like the FDA does for medical safety, the CFPA will set safety standards to prevent practices such as hidden credit card fees, deceptive “fine print,” and other financial abuses that have escaped oversight so far.

“This bill is about whose side you’re on,” said Rep. Berman.  “Working families, or big banks and Wall Street.”  Congressman Berman served as a member of the House-Senate conference committee on the bill.

The bill has been called the “strongest set of Wall Street reforms in three generations” by Elizabeth Warren, Chair of the nonpartisan Congressional Oversight Panel, and has been endorsed by the AARP, Consumer Federation of America, Consumers Union, Council of Institutional Investors, National Fair Housing Alliance, National Restaurant Association, Public Citizen, SEIU, and US PIRG, among other organizations. The bill was publicly debated for more than 50 hours, and includes over 70 Republican and bipartisan amendments.