Chairman Rockefeller Hails Passage of Landmark Wall Street Reform

Champions Key Consumer Protection Effort

July 15, 2010

Chairman RockefellerWASHINGTON, D.C.—Senator John D. (Jay) Rockefeller IV, Chairman of the U.S. Senate Committee on Commerce, Science, and Transportation, today applauded the passage of landmark Wall Street reform legislation. This bill includes consumer protection provisions championed by Chairman Rockefeller that will help protect small businesses and American consumers. As Chairman of the Commerce Committee, Senator Rockefeller has made consumer protection a cornerstone of his agenda, and he fought to maintain the Federal Trade Commission’s (FTC) role in safeguarding consumers from unscrupulous financial services. The legislation now heads to the President’s desk, where it is expected to be signed into law.

“Only two short years ago, our nation faced an economy resembling that of the Great Depression – largely because of irresponsible actions on Wall Street. It was clear at that time that financial reform would be essential. While our economy is not out of the woods yet, passing this legislation is an important step toward recovery,” Chairman Rockefeller said.

“This bill includes strong consumer protection provisions – including my successful effort to preserve the FTC’s existing authority to protect Americans from unfair and deceptive practices. There are too many bad actors out there trying to swindle and cheat people out of their hard-earned money. This provision will ensure there are no gaps in the enforcement of consumer protection laws, and will keep experienced FTC enforcers on the job.”

Rockefeller Consumer Protection Effort—Key Background

Chairman Rockefeller secured a key amendment in the Wall Street reform legislation to protect Americans from unfair and deceptive financial service practices. Rockefeller’s amendment maintains the Federal Trade Commission’s role in protecting consumers from unscrupulous financial service companies. FTC enforcers will continue to crack down on companies that try to swindle people out of their hard-earned money, such as the debt-settlement firms that intentionally mislead consumers. Preserving the FTC’s existing authority will ensure that there are no gaps in consumer protection.

Key Background Information about the Overall Bill

The Wall Street Reform legislation takes concrete steps to change the way Wall Street does business, including:

  • Ending “too-big-to-fail” bailouts;
  • Establishing a strong watchdog for consumer financial protection;
  • Creating an early warning system to spot problems at financial firms and stop them long before they can threaten the stability of our whole economy; and
  • Closing the oversight gaps and loopholes that permitted the reckless behavior on Wall Street that precipitated the financial crisis.