WASHINGTON - U.S. Representative Edolphus “Ed” Towns (NY-10), supported legislation to protect consumers and investors by helping to restore the stability of America’s financial markets and boost oversight of consumer products, including toys, which we bring into our homes.  This bill is another step forward in cracking down on runaway financial excesses and rebuilding regulatory protections for homeowners, investors and consumers needed to stabilize and restore confidence in the American economy.  The Financial Services Appropriations Act, which passed the house by a vote of 216 to 213 on July 16, 2009, is part of our long-term economic plan to restore Americans’ trust in our financial and consumer markets.   

“American families were let down by the regulatory agencies that allowed dangerous products to enter our homes and dishonest finance executives to swindle families out of their hard-earned savings” said Rep. Towns.  “This bill will strengthen oversight of our financial markets and consumer products to make sure this doesn’t happen again.”

The Financial Services Appropriations Act strengthens the role of the Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) to enforce the rules that govern financial markets, detect and prosecute fraudulent schemes and protect consumers.  It also gives the Inspectors General of some of our key financial regulatory agencies more of the tools they need to carry out oversight of investigations of bank failures and market manipulation.

In response to massive recalls on household products such as children’s toys, the legislation boosts funding for the Consumer Product Safety Commission (CPSC) so its inspectors can thoroughly examine more of the products families bring into their homes.

To stabilize the economy and create jobs, the bill includes more capital and credit for small businesses and disadvantaged communities through the Small Business Administration and Community Development Financial Institutions Fund.

“Our economic recovery is directly tied to the health and stability of our small businesses,” said Rep. Towns.  “This bill gives small business owners the resources they need to invest in, and grow, their businesses.  The innovation and success of our small businesses will create jobs and opportunity to put us back on the path towards long term economic prosperity.”

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