Matheson supports Wall Street reforms06/30/10
Matheson supports Wall Street reforms
Bill toughens oversight, promotes transparency
June 30, 2010
Washington, D.C.— Congressman Jim Matheson today voted for the strongest set of Wall Street reforms since the 1930s, including protections for consumers from harmful business practices by mortgage lenders and banks. Matheson supported HR 4173—The Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Nearly two years ago the subprime mortgage meltdown triggered the worst financial crisis since the Great Depression. We’ve been living under the same set of rules that were in place before the financial crisis sparked the job-killing recession. Now, that is about to change,” said Matheson.
Matheson said important reforms in the legislation include:
* A system to responsibly wind down troubled financial firms whose collapse might cause widespread economic damage but not at taxpayer expense;
* Strong new oversight and enforcement tools for the Securities and Exchange Commission;
* Requirements for mortgage lenders to ensure a borrower can repay a home loan by verifying income, credit history and job status;
* Permanently increasing the level of federal deposit insurance for banks, thrifts and credit unions to $250,000.
Matheson also included language that protects Utah industrial banks—a key jobs sector in the state. He noted that the Industrial Loan Company (ILC) banks have proven to be safe and sound institutions, even during the recent financial upheaval.
“Stabilizing the financial system is critical to restoring confidence in the economy, freeing up credit and helping businesses start hiring again,” said Matheson.
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