WARWICK, RI - Congressman Jim Langevin (D-RI) yesterday voted for H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This legislation will close exploited loopholes in our regulation system, crack down on Wall Street to prevent another economic collapse and increase consumer protections.

“Like my constituents, I have been angered by the greed exhibited by Wall Street and other companies that took advantage of their investors, preyed on so many Rhode Islanders, and rewarded executives with outrageous pay packages,” said Langevin. “With this bill, consumer protection will come first, and irresponsible companies will be held accountable for their actions.” 

This legislation will:
- Create a new 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  

- End abusive predatory lending practices

- Shut down “too big to fail” financial firms before risky and irresponsible behavior threatens to bring down the entire economy

- End costly taxpayer bailouts with new procedures to unwind failing companies that pose the greatest risk – paid for by the financial industry and not the taxpayers
- Eliminate the TARP as of July 1

- Establish tough new rules on the riskiest financial practices, including credit default swaps like those that devastated AIG

- Establish common sense regulation of derivatives and other complex financial products

- Include a strong “Volcker rule” that generally restricts large financial firms with commercial banking operations from trading in speculative investments

- Give the Securities and Exchange Commission more enforcement power and funding to require registration of hedge funds and private equity funds

- Strengthen oversight and transparency for credit rating agencies

- Rein in executive compensation and retirement plans by allowing a ‘say on pay’ for shareholders

- Offer new protections for grocers, retailers and other small businesses facing out-of-control swipe fees that banks and other credit and debit card issuers charge these businesses for debit or prepaid-card purchases. 

- Audit the Federal Reserve's emergency lending programs and limit the Federal Reserve's emergency lending authority

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