Matsui Statement on Enactment of Historic Wall Street Reform
FOR IMMEDIATE RELEASE
Wednesday, July 21, 2010
CONTACT: MARA LEE
(202) 225-7163
Legislation Will Put in Place Common-Sense Rules to Protect Sacramento Families from Unfair and Deceptive Financial Practices; Includes Matsui Anti-Foreclosure Amendment
Today, Congresswoman Doris Matsui (D-CA) applauded the enactment of H.R. 4173, the Restoring American Financial Stability Act of 2010, which will provide long-overdue oversight of our nation's financial systems, and protect Sacramento families. The legislation signed by President Obama today includes an amendment authored by Representative Matsui which requires mortgage servicers or lenders participating in the Making Home Affordable Program to publicly report their progress in helping responsible homeowners stay in their homes. Rep. Matsui issued the following statement today immediately following the President's signature of this landmark legislation:
Americans lost nearly $5 trillion dollars in the 2008 meltdown: seniors lost trillions in their retirements; college funds were diminished; and small business lost access to necessary capital. As a result, many families in Sacramento continue to struggle just to make ends meet. The mortgage crisis, in particular, continues to impact thousands of Sacramento families. That's why I put forward an amendment which requires mortgage servicers and lenders participating in the Making Home Affordable Program to publicly report their progress in helping responsible homeowners stay in their homes. This inclusion of this amendment will ensure accountability on the mortgage industry; and transparency will incentivize the mortgage industry to help responsible homeowners stay in their homes.
By implementing long-overdue financial oversight and consumer protection legislation, this Congress is tackling the greatest challenges our country is facing. This legislation reins in big banks and their big bonuses, puts an end to bailouts and the idea of too big to fail, and creates a consumer financial protection agency to protect and empower consumers to make the best decisions on homes, credit cards, and their own financial future. As a result, we are making our economy both stronger and more financially stable. And most importantly, we will restore accountability to our nation's financial systems and protect American consumers, their hard-earned money, and their ability to plan for their future.
For more information about the enacted Wall Street reform legislation, please CLICK HERE .
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