Rep. Gutiérrez: “The consumer protections, transparency, and accountability…give average Americans tools and information to navigate the complex world of financial transactions where the deck is always stacked for the big money interests.”
Washington, DC –-(ENEWSPF)–July 21, 2015. Today, Rep. Luis V. Gutiérrez (D-IL) issued a statement marking the fifth anniversary of the Wall Street Reform and Consumer Protection Act in 2010, known as the Dodd-Frank bill.
I am extremely proud of the Dodd-Frank bill and the accomplishment of passing major legislation to address the country’s financial meltdown. It was in an era when the Congress actually passed major legislation to address national problems, an era that seems long ago.
The consumer protections, transparency, and accountability in the Dodd-Frank legislation give average Americans tools and information to navigate the complex world of financial transactions where the deck is always stacked for the big money interests. It levels the playing field and gives people recourse when they are being preyed upon in loans, mortgages, remittances, credit cards, and a whole range of transactions. It also established one of the most successful and important federal agencies of recent memory, the Consumer Financial Protection Bureau, which has done stellar work in its few years of existence.
Congressman Gutiérrez was Chairman of the Subcommittee on Financial Institutions and Consumer Credit at the time the bill moved through the House Financial Services Committee and was part of the House/Senate Conference Committee that finalized the bill that was signed by President Obama. He has since taken a leave of absence from the House Financial Services Committee. Rep. Gutiérrez represents the Fourth District of Illinois, is a Member of the House Permanent Select Committee on Intelligence, is a Member of the Judiciary Committee and the Subcommittee on Immigration and Border Security, and is the Co-Chair of the Immigration Task Force of the Congressional Hispanic Caucus.