Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

Posts Tagged ‘Americans for Financial Reform’

Wall Street Reform & Consumer Protection Act Focus of June 28 Economic Perspectives

Posted by Hopeton on June 27, 2010

Nancy Zirkin, executive vice president of The Leadership Conference on Civil and Human Rights and a key strategist for Americans for Financial Reform, will discuss the new Wall Street Reform and Consumer Protection Act on the June 28 edition of Economic Perspectives on KAZI 88.7 FM, 5:30 p.m. – 5:45 p.m.  Listen live online at kazifm.org.

The Leadership Conference on Civil and Human Rights is a coalition charged by its diverse membership of more than 200 national organizations to promote and protect the civil and human rights of all persons in the United States.

Americans for Financial Reform is a coalition of national and state organizations that have joined together to fix the financial sector and make sure it’s working for all Americans.  Members include the AARP, AFL-CIO, NAACP, National Association of Investment Professionals,  National Urban League, and many others.

Enclosed below are highlights of the Wall Street Reform legislation provided by the press office of the U.S. House of Representatives Committee on Financial Services.

HIGHLIGHTS OF THE LEGISLATION

Consumer Protections with Authority and Independence: Creates a new independent watchdog, housed at the Federal Reserve, with the authority to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices.

Ends Too Big to Fail Bailouts: Ends the possibility that taxpayers will be asked to write a check to bail out financial firms that threaten the economy by: creating a safe way to liquidate failed financial firms; imposing tough new capital and leverage requirements that make it undesirable to get too big; updating the Fed’s authority to allow system-wide support but no longer prop up individual firms; and establishing rigorous standards and supervision to protect the economy and American consumers, investors and businesses.

Advance Warning System: Creates a council to identify and address systemic risks posed by large, complex companies, products, and activities before they threaten the stability of the economy.

Transparency & Accountability for Exotic Instruments: Eliminates loopholes that allow risky and abusive practices to go on unnoticed and unregulated — including loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders.

Executive Compensation and Corporate Governance: Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation and golden parachutes.

Protects Investors: Provides tough new rules for transparency and accountability for credit rating agencies to protect investors and businesses.

Enforces Regulations on the Books: Strengthens oversight and empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system that benefits special interests at the expense of American families and businesses.

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