Civil Rights Community Applauds House Approval Of Financial Reform Bill And Consumer Financial Protection Agency

“Today’s House passage (223-202) of the Wall Street Reform and Consumer Protection Act marks a significant moment for American consumers, signaling the beginning of the end to Wall Street’s high-risk financial practices.  Unchecked for too long, these abuses lie at the root of the nation’s housing and financial crisis that is affecting so many communities and working families today.

One of the most important features of the bill is that it will move the responsibility for enforcing most consumer protection laws into the Consumer Financial Protection Agency, an agency whose sole mission is to protect consumers and ensure that they have responsible financial options and the tools to make the best choices for themselves and their families.

The Leadership Conference on Civil Rights applauds the House for recognizing the critical need for this legislation and for taking real action to protect American families.   We look forward to action in the Senate on financial reform.”