| National Taxpayers Union |
| 413. |
413.
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| NAACP |
| Pro-Consumer Financial Regulatory System Overhaul. |
Final passage of legislation to help protect consumers from predatory mortgage loans and other unscrupulous financial products that strip hard-earned wealth from consumers. The bill would, among other things, establish a Consumer Financial Protection Bureau which would be charged with overseeing consumer protection in the home mortgages and financial service areas. The legislation will also provide assistance for families and communities affected by the foreclosure crisis, including at least $1 billion in bridge loans to help families hold on to their homes while they search for a job and it includes comprehensive mortgage reform and anti-predatory lending measures essential to combating the abusive lending practices that ushered in the economic crisis. The bill passed.
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| American Conservative Union |
| Financial Regulatory Overhaul. |
The House passed a massive reorganization of the regulations governing financial institutions in the United States, creating dozens of new agencies, new reporting requirements, and making permanent the “too big to fail” doctrine that originated in the Troubled Asset Relief Program. Although billed as protecting credit consumers, this legislation actually protects large banks and other financial institutions at the expense of community banks and less traditional sources of credit and did nothing to reform Fannie Mae and Freddie Mac.
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| AFL-CIO |
| Wall Street Reform (H.R. 4173). |
The Senate and House both passed legislation to rein in Wall Street’s and Big Bank’s dangerous practices and products that crashed the economy. The conference report that melded the two bills creates a new federal agency to oversee consumer financial products, brings the derivatives market under significant federal regulation for the first time and gives company shareholders and regulators greater say on executive pay packages. The conference report was approved.
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| Americans for Democratic Action |
| H.R. 4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act. |
Legislation to better regulate Wall Street firms and products, create a Consumer Financial Protection Bureau, and make other necessary reforms in response to the financial crisis of 2008.
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| U.S. Chamber of Commerce |
| H.R. 4173 – Dodd-Frank Wall Street Reform and Consumer Protection Act – conference report. |
H.R. 4173 – Dodd-Frank Wall Street Reform and Consumer Protection Act – conference report.
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| The International Association of Machinists |
| Wall Street Reform and Consumer Protection Act of 2009. |
The Senate and House both passed legislation to rein in Wall Street’s and Big Bank’s dangerous practices and products that crashed the economy. The conference report that melded the two bills creates a new federal agency to oversee consumer financial products, brings the derivatives market under significant federal regulation for the first time and gives company shareholders and regulators greater say on executive pay packages.The House agreed to the conference report to accompany H.R. 4173, to provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, and to regulate the over-the-counter derivatives markets.
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| Citizens Against Government Waste |
| HR 4173: Financial Regulatory Overhaul - Conference Report. |
Adoption of the conference report on the bill that would overhaul the regulation of the financial services industry. The measure would create a new regulatory mechanism to assess risks posed by very large financial institutions and facilitate the orderly dissolution of failing firms that pose a threat to the economy. It would create a new federal agency to oversee consumer financial products bring the derivatives market under significant federal regulation for the first time and give company shareholders and regulators greater say on executive pay packages. The costs would be offset by terminating the Troubled Asset Relief Program and increasing deposit insurance premiums paid by some banks.
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| International Union, UAW |
| House Adopts Legislation Overhauling Regulation of Wall Street. |
The legislation included reforms to provide greater transparency by regulating hedge funds and derivatives and it created a Consumer Financial Protection Bureau (CFPB) to strengthen consumer protections. The House passed this legislation.
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| American Federation of State, County, and Municipal Employees |
| TRANSFORMING WALL STREET’S BUSINESS PRACTICES. |
The House of Representatives passed the Wall Street Reform and Consumer Protection Act(H.R. 4173) to rein in Wall Street’s reckless business practices that led to the worst recession in a generation by putting into place new, strong consumer protections to shield consumers and shareholders from risky financial products.
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| Service Employees International Union |
| Financial Reform: House vote to create consumer protection agency and regulate the financial industry (to pass merged bill). |
The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173), helps prevent future financial crises by protecting consumers and reining in the reckless speculation on Wall Street that caused the current financial crisis. HR 4173 increases transparency, oversight and restrictions of currently unregulated financial markets. It also protects consumers by strengthening mortgage lending standards to stop deceptive and predatory lending practices; provides $1 billion in temporary assistance for unemployed homeowners; and creates a Consumer Financial Protection Bureau. The bill protects taxpayers by limiting banks' ability to gamble with consumer deposits for their own gain and by making sure taxpayers do not insure the riskiest types of investments. It also creates an orderly process for large financial firms that fail and saves state and local governments several million dollars in financing on bonds and other financial instruments.
This is the House vote on the final conference report (the version of the bill which merges the House and Senate versions) that passed.
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| The John Birch Society |
| Financial Regulatory Reform. |
This sweeping legislation (H.R.4173) would tighten federal control of the financial sector on the false premise that the financial crisis was driven by free-market forces, as opposed to government and Fed policies (e.g., artificially low interest rates) that encouraged excessive borrowing and risk-taking. The legislation would create a new Financial Stability Oversight Council that would monitor the financial sector for system-wide risks, and could (by a two-thirds majority vote) subject non bank entities to Fed regulatory powers and approve Fed decisions to breakup large companies. It would also create a new Bureau of Consumer Financial Protection run by the Federal Reserve. According to the American Bankers Association, the legislation would subject traditional banks to 5,000 pages of new regulations. The House adopted the final version (conference report) of H.R. 4173.
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| Alliance for Retired Americans |
| Wall Street Reform. |
The House passed the conference report to curb abuses in the finance service industry. Including in the reforms are provisions to develop educational materials and training to reduce the fraudulent marketing of financial products to seniors. The conference report passed.
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| The Club for Growth |
| Financial Regulation Bill. |
Financial Regulation Bill.
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