Today, Senate Banking Committee chairman Chris Dodd (D-CT) issued the following statement after the President signed the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“At last, we have brought real change to the way Wall Street does business,” said Dodd.
“With this bill, we have protected taxpayers from being forced to bail out companies that threaten to bring down the economy. With new consumer protections the government will no longer sit idly by as consumers fall victim to scams by credit card companies and mortgage giants. After today, regulators will no longer be able to ignore emerging threats to the economy. And financial operators from the trillion dollar derivatives market to small time payday lending will no longer be able to operate in the shadows.”
“Congress has more work to do to ensure the bill is implemented successfully, but today we have created a new, sound foundation for the 21st century economy.”
