Washington, D.C. -— U.S. Rep. Bob Etheridge (D-Lillington), the only North Carolina member of the House Ways and Means Committee, voted to in favor of H.R. 4173, the “Wall Street Reform and Consumer Protection Act” on Friday, which will protect consumers and investors in the financial marketplace and safeguard our economic recovery.
The bill passed the House by a vote of 223-202.
“Wall Street bankers were allowed to play Russian Roulette with the American economy. Their recklessness nearly brought down our credit markets and way of life,” Etheridge said. “This legislation will reform our financial system and restore the balance between Main Street and Wall Street.”
The Wall Street Reform and Consumer Protection Act will prevent taxpayer-funded bailouts for ‘too big to fail’ financial institutions and injects transparency and new accountability into the financial system. The bill will also protect families and small businesses by ensuring that bank loans, mortgages, and credit cards are fair, affordable, and understandable, by creating a new Consumer Financial Protection Agency.
H.R. 4173 is a critical step to create jobs and grow the economy. Last year’s financial collapse had ripple effects in cities and small towns across the nation as small businesses, cut off from lending and investment capital, shed workers, decreased production, and many were forced to close their doors.
“We know from experience that financial institutions are not going to police themselves,” Etheridge said. “The cost of doing nothing, and the cost of not having a referee in the market, ends up on the back of the American people.”