Rep. Castor on financial reform
Congress is inching toward passing a long-awaited financial reform package tonight. Proponents say the legislation amps up consumer protection against predatory lenders and gives regulators more authority over institutions previously called too big to fail. Yesterday, WMNF spoke with US Rep. Kathy Castor, a Tampa Democrat who supports the bill.
The House could hold a final vote on the Wall Street Reform and Consumer Protection Act tonight, but the Senate may not vote on it until the mid-July.
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"Wall street Reform and Consumer Protection simply must pass. I think it's on track to pass The House Representatives. Remember The House passed our version back in December of last year but like a lot of legislation, has been caught up in the United States Senate. But if we are able to get this bill to the President's desk, it will be one of the few times I've seen here in Washington where consumers in middle class families win and the big Wall Street bank looses. This will re-establish new consumer Financial Protection Agency that is going to be on the side of middle class families helping them work their way through bank loans and mortgages, credit cards; making sure those financial instruments are fair, understandable and transparent. We will shut down the Too Big Too Fail financial firm. They will have new cops on the beat; on Wall Street and hopefully prevent any new tax payer bail outs, because we will establish a new procedure to unwind bailing companies that pose the great risk to the economy. And that will be paid for by the financial companies and never the tax payers."