Letter to the Editor: Passage of financial reform represents huge step in process
To the Editor:
Last week, despite huge opposition from the big Wall Street banks, financial reform passed the U.S. Senate. This is a huge step toward creating a banking system that serves Main Street and not just Wall Street.
Thanks to Sens. Conrad and Dorgan for supporting the Senate bill, which creates an independent Consumer Financial Protection Bureau. This agency represents good government - not more government. It will consolidate authorities of seven current agencies into one, making government more accountable, more efficient and more effective.
The CFPB will be a watchdog for consumers to make sure mortgages, credit cards and other financial products aren't full of tricks and traps in the fine print; all schemes for which Americans have paid dearly. Consumer protection is a good investment in the future, and the CFPB will pay big dividends in fairness, stability, transparency, and increased consumer choice.
Next up, the House and Senate will have a conference committee to work on combining the bills from each chamber into one bill. We must urge Sens. Dorgan and Conrad to keep the pressure on their colleagues to make sure the strongest piece of legislation emerges from the conference - one that will hold the financial industry accountable and prevent future bailouts by making "too big to fail," too big to exist.
Mary C. Tintes