Press Release of U.S. Senator Barbara Boxer
|For Immediate Release: |
July 15, 2010
Washington D.C. Office (202) 224-3553
Boxer Praises Final Passage of Wall Street Reform Legislation
Senator Helped Strengthen Bill’s Protections for Taxpayers, Consumers
Washington, D.C. – U.S. Senator Barbara Boxer (D-CA) today praised Congress’ final passage of Wall Street reform legislation, which included her amendment to end taxpayer bailouts of Wall Street by ensuring that financial firms—not taxpayers—will pay all the costs of liquidating a failing Wall Street firm. The bill passed the Senate on a 60-39 vote and now goes to President Obama for his signature.
Senator Boxer said, “The reckless actions of Wall Street cost us millions of jobs and brought our economy to the brink of collapse. The landmark legislation we approved today will rein in casino-style gambling on Wall Street, create a new watchdog agency to protect consumers and safeguard taxpayers by holding financial firms responsible for their own costly mistakes.”
Senator Boxer offered the first amendment to the legislation—to prohibit any taxpayer funds from bailing out Wall Street firms—which passed on a 96-1 vote.
Senator Boxer also filed an amendment banning so-called “steering payments”—bonuses given by banks to mortgage brokers to place homeowners in riskier and more costly subprime loans that many families could not afford. She worked closely with the Banking Committee on the final language in the bill, which will ban steering payments and require that lenders confirm a borrower’s ability to repay the loan.
For more details on the Senate Wall Street reform bill, go to: http://banking.senate.gov/public/