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Klobuchar Statement on the Passage of Wall Street Reform Conference Bill

Bill includes Klobuchar amendment to protect the interests of Main Street, support community banks, and protect consumers

July 15, 2010

Washington, D.C. – U.S. Senator Amy Klobuchar released the following statement today after the Senate’s passage of the Wall Street reform legislation. The bill includes provisions authored by Klobuchar and Senator Kay Bailey Hutchison (R-TX) to preserve the regional Federal Reserve’s supervisory role over community banks. The Senate passed the final conference report, which seeks to restrain the reckless, irresponsible practices of Wall Street that led to the economic collapse of 2007, with a vote of 60 to 39. The legislation now moves to the President’s desk for his signature.

“The reckless gambling on Wall Street cost millions of Americans their jobs, homes, and nest eggs,” Klobuchar said. “Trillions of dollars in wealth were gambled away because of a financial system that lacked the necessary safeguards to protect Main Street. This bill establishes safeguards to protect our economy and will help bring accountability back to our financial system.”

The Wall Street reform bill also includes provisions from an amendment that Klobuchar and Senator Jeff Merkley (D-OR) successfully included in the Senate bill protecting consumers from predatory lending practices. The legislation bans mortgage lenders and loan originators from accepting payments based on the interest rate or other terms of the loans.  In addition, it will require lenders to document income and other underwriting standards to ensure that borrowers can repay their loans – effectively ending the deceptive practice of “liar loans.”

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