Press Releases

Washington, D.C. – Today, Congressman Donald M. Payne voted to protect consumers and investors by helping to restore the stability of America's financial markets and boosting oversight of consumer products. The Financial Services and General Government Appropriations Act of 2010, HR 3170, is another step forward in cracking down on runaway financial excesses and rebuilding regulatory protections for homeowners, investors and consumers. HR 3170 is part of our long term economic plan to restore Americans' trust in our financial and consumer markets.  

 "American families were let down by the regulatory agencies that allowed dangerous products to enter our homes and criminals like Bernard Madoff to swindle families out of their hard-earned savings" said Payne. "This bill will strengthen oversight of our financial markets and consumer products to make sure this doesn't happen again." The Financial Services Appropriations Act strengthens the role of the Securities and Exchange Commission and the Federal Trade Commission so that they can enforce the rules that govern financial markets, detect and prosecute fraudulent schemes and protect consumers. It also gives the Inspectors General of some of our key financial regulatory agencies more of the tools they need to carry out oversight investigations of bank failures and market manipulation.

In response to massive recalls on household products such as children's toys, this legislation boosts funding for the Consumer Product Safety Commission so that they can thoroughly inspect more of the products families bring into their homes.

To stabilize the economy and create jobs, the bill includes more capital and credit for small businesses and disadvantaged communities through the Small Business Administration and Community Development Financial Institutions Fund.

"Our economic recovery is directly tied to the health and stability of our small businesses," said Payne. "This bill gives small business owners the resources they need to invest in and grow their businesses. The innovation and success of our small businesses will create jobs and opportunity to put us back on the path towards long-term economic prosperity."

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