The Democrats are moving closer to making the government and society more responsive to the common man. The Republicans who are still pushing for more for those at the top of the financial ladder are fighting the Dems, but they failed on the Financial Reform Act recently passed, thank god!
Here's what the new Financial Reform and Consumer Protection Act does for us:
Create a new Office of Financial Research that will help provide early warning to regulators about financial problems, and allow regulators to act on that information and keep pace with new financial products being created on Wall Street.
Strengthen consumer protections by creating a strong Consumer Financial Protection Bureau, which includes an Office of Service Member Affairs that will monitor and respond to complaints from military families.
Close dangerous loopholes and gaps in financial oversight by requiring advisers to hedge funds and private equity funds to register with the Securities and Exchange Commission (SEC).
Hold credit rating agencies accountable by empowering the Securities and Exchange Commission and improving accountability and accuracy within the credit rating industry through a strong new liability provision that allows investors to take action when a rating agency knowingly or recklessly fails to review key information in developing a rating.
Protect investors by strengthening the SEC’s ability to bring enforcement actions, addressing issues revealed by the Madoff fraud, and modernizing the SEC’s ability to obtain critical information.
Create a national foreclosure database to give regulators an important tool to monitor and anticipate issues stemming from foreclosures and defaults in our housing markets and better pinpoint assistance to struggling homeowners.
THANK GOD FOR NANCY PELOSI AND THE DEMOCRATS!