WASHINGTON – U.S. Senator Tom Udall, D-N.M., today issued the following statement on the Senate’s passage of the sweeping Wall Street reform legislation:
“Today, the United States Senate took action to prevent the same financial regulatory failures that led our nation to the brink of economic collapse from occurring again. We passed a bill that will end taxpayer bailouts of firms that are ‘too-big-to-fail’ and instead sets up a process of safe liquidation. Additionally, we have put strong measures in place to discourage banks from ever getting too big again.
“A particular highlight of this legislation is the creation of a Consumer Financial Products Bureau, which will have the sole job of protecting Americans from unfair and deceptive financial products and practices. This bureau will ensure that our citizens are able to receive clear, honest information they need about loans and other financial products like credit cards and credit reporting. Most importantly, it will establish a national hotline where consumers can report their concerns.
“Overall, this legislation takes significant steps to make sure the jobs, homes and life-savings of Main Street can no longer be held hostage by the culture of greed on Wall Street. It’s a monumental step towards correcting the reckless behavior of the past, and I look forward to seeing it signed into law by President Obama.”