House passes Wall Street Reform and Consumer Protection Act 223-202

Washington, DC – Congresswoman Eddie Bernice Johnson today voted in support of H.R. 4173, the Wall Street Reform and Consumer Protection Act, legislation that will overhaul the financial system and shield the American economy from the risks it was exposed to during last year’s financial crisis.  H.R. 4173 passed the House by a vote of 223-202.

“The Wall Street Reform and Consumer Protection Act will bring stability to our nation’s financial system by reining in Wall Street and holding it accountable,” Congresswoman Johnson said.  “The days of taxpayer-funded bailouts are over.  With this legislation, we protect Americans’ retirement funds, college savings and homes, as well as the financial futures of small businesses across the country.”

The Wall Street Reform and Consumer Protection Act creates a new Consumer Financial Protection Agency that will have as its sole mission oversight of potentially harmful financial products sold to consumers.  The agency will consolidate and streamline enforcement of roughly 20 laws that are currently overseen by 7 different agencies.  The legislation will also give the federal government the necessary tools to preemptively dismantle big banks that have taken actions that could threaten the entire economy, as well as to wind down failing firms quickly and orderly.  Finally, it will increase transparency at the Federal Reserve and strengthen enforcement by the Securities and Exchange Commission.

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U.S. Representative Eddie Bernice Johnson is the highest-ranking Texan on the House Committee on Transportation & Infrastructure and a senior member of the Science Committee. She represents the 30th Congressional District of Texas, which, includes Downtown Dallas, Fair Park, Oak Lawn, Old East Dallas, Pleasant Grove, & South Oak Cliff; all of Balch Springs, DeSoto, Hutchins, Lancaster & Wilmer and parts of Cedar Hill, Duncanville, Ferris, Glenn Heights and Ovilla.