Tuesday, June 22, 2010

Perlmutter Calls For Independent Consumer Protection Division in Wall St. Reform Package

Washington, DC - Today, U.S. Rep Ed Perlmutter (CO-07), a member of the House Financial Services Committee urged members of the Wall Street Reform bill conference committee to empower and protect consumers by creating an independent consumer protection division to be housed within the Federal Reserve.

Perlmutter stated, “For too long, fragmented oversight enticed some financial institutions to create products that evaded regulation and took advantage of consumers. By streamlining and consolidating financial product regulation, we can crack down on fraud and manipulation and help restore public confidence in the financial sector. The creation of an independent consumer protection division must put the interests of taxpayers first by promoting a fair and transparent marketplace for financial products.”

Perlmutter is supportive of measures ensuring federal supervision of financial industries, such as payday lenders and mortgage originators, which previously had no oversight.

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