Cummings Pleased with Wall Street Reform Bill

(Washington, DC) – After 20 straight hours of negotiation, Congressman Elijah E. Cummings (MD-07) along with a bicameral Conference Committee completed the efforts to reconcile the House and Senate versions of H.R. 4173, the Wall Street Reform and Consumer Protection Act. Cummings was named to the Conference by Speaker Nancy Pelosi, representing the House Committee on Oversight and Government Reform.

“After many hours of arduous debate, I am proud of what we were able to accomplish with this critical piece of legislation,” Congressman Cummings said. “With this bill, we took a giant step forward to protect consumers from irresponsible and unconscionable practices on Wall Street, and we put measures in place to ensure our economy never suffers another economic crisis that would put us on the brink of collapse.”

The bill will include a new consumer financial protection bureau; it limits the amount of fees debit card companies can charge merchants, gives the government the power to break up failing financial firms and forces transparency of the $600 trillion derivatives market.

The bill is set for a final vote in the House and Senate next week.

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