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Woodstock Institute applauds the passage of the Dodd-Frank financial reform bill, which represents the most dramatic and pro-consumer overhaul of the financial system in 70 years. The bill, which President Obama is expected to sign soon, will stabilize the financial system, prevent the need for future bailouts, and create a new Consumer Financial Protection Bureau (CFPB) to guard against unfair and deceptive products and practices.
Over the past two years, dozens of Chicago region consumer and community organizations called their legislators, participated in and convened roundtable discussions, signed on to letters, and went to Washington to call for real financial reform. They sent a clear message to Illinois legislators–the patchwork consumer protections that failed to prevent the foreclosure crisis and allowed widespread abuse in the consumer credit markets cannot continue.
Woodstock Institute president Dory Rand joined Senator Durbin, Senator Burris, and Reps. Bean, Foster, Rush, and Schakowsky at a press conference in Chicago on July 16 and thanked them for their leadership and support for an independent CFPB and other financial reforms .
“The creation of a strong and independent Consumer Financial Protection Bureau is an important step towards eliminating the industry’s worst abuses,” said Rand. “There is still a long way to go, and holding this new Bureau accountable will be just as important as creating it.”
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