Rare Victory for Consumers–Financial Reform Bill Approved by the Senate

Today, the Senate voted to move forward with the Dodd-Frank Wall Street Reform and Consumer Protection Act, 60-38. The bill is now on the way to the President to be signed into law. Today’s vote is a victory for consumers. The legislation came about despite the enormous opposition from the financial industry, which spent $1.4 million a day to kill the bill. The bill creates the Consumer Financial Protection Bureau to guard against unfair, deceptive and abusive practices. Consumers will have a single agency that will put consumers’ wellbeing first. The Consumer Financial Protection Bureau will write and enforce rules...

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