Washington, D.C. – U.S. Rep. Allyson Schwartz voted in support of legislation today to provide stronger consumer protections for American families and small businesses and prevent the types of abuses that led to the economic crisis. The Wall Street Reform and Consumer Protection Act includes common sense reforms to protect consumers from predatory lending abuses and misleading tactics, and ensures strong supervision and regulation of the business practices of our financial institutions.

“Working families in Pennsylvania have lost their homes, their jobs and their retirement savings as a result of the financial collapse,” Schwartz said. “This legislation helps move our country back on stable ground – protecting family’s retirement funds, homes and college savings and securing business’s financial futures. With this bill, we are empowering consumers and ensuring taxpayers are never again on the hook for Wall Street’s mistakes.”

Years without accountability and oversight of Wall Street and big banks under President Bush and Congressional Republicans led to the worst economic collapse since the Great Depression—and American families and small businesses paid the price. We lost eight million jobs and $17 trillion in retirement savings and Americans’ net worth.

The Wall Street Reform and Consumer Protection Act will:

• Rein in egregious executive compensation and retirement plans;
• Put an end to taxpayer funded bailouts and the idea of too big to fail;
• Create a consumer financial protection agency to protect families and small businesses by ensuring that bank loans, mortgages and credit cards are fair, affordable, understandable and transparent;
• Bring transparency and accountability to our financial system;
• End abusive predatory lending practices;
• Create new protections for grocers, retailers and other small businesses 

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