WASHINGTON, D.C. — Today, Congresswoman Carol Shea-Porter voted in favor of legislation that will help protect consumers, families, and small businesses from predatory financial practices. The Wall Street Reform and Consumer Protection Act, which passed the House 223 to 202, ensures that there is increased oversight of large Wall Street financial institutions and creates a new consumer protection agency that will help ensure that big lenders do not offer harmful financial products to consumers.
“Middle class families have been hit hard by the financial crisis, and they shouldn’t have to worry about big lenders using deceptive gimmicks in order to try and squeeze more money out of them,” said Congresswoman Shea-Porter. “I voted against the Wall Street bailout last year because I believe that the large banks responsible for the financial crisis should be held accountable, not bailed-out at taxpayer expense. I supported this legislation because it puts in place common-sense consumer protections, stops predatory lending, and strengthens rules that protect investors.”