Woodstock Vice President Tom Feltner joined Sen. Dick Durbin (D-IL) at a press conference to announce the passage of the Senate financial reform bill. Sen. Durbin, along with representatives from the Illinois Main Street Alliance, the Illinois Restaurant Association, Illinois PIRG, and the Chicago Federation of Labor, explained how the financial reform bill will help our communities recover and prevent another devastating financial crisis. For example, limits on the fees credit card companies charge small businesses will help small businesses invest in expansion and job creation. Another provision protects taxpayers from funding another bank bailout. Woodstock applauds Sen. Durbin on his leadership on financial reform.

Woodstock Institute applauds the Senate for taking a bold stand on behalf of America’s consumers. The Restoring American Financial Stability Act passed last night lays the groundwork for a healthier financial system that will hold banks accountable, protect consumers, and be more transparent—and, ultimately, help prevent another devastating financial crisis.

Now that the U.S. Senate has voted to limit further debate on the financial reform bill (S. 3217), there are less than 30 hours left to debate and vote on remaining amendments. The National Community Reinvestment Coalition has summarized the some of the critical areas that still need to be addressed.

Woodstock Institute and Americans for Financial Reform (AFR) reached out to key Senators on Tuesday to express their support for interstate lending reform, which would ensure that out-of-state lenders could no longer supersede state interest rate limits that apply to local banks, credit unions, and other lenders.

Sen. Richard Shelby (R-AL) released an amendment proposing an “alternative” to the Consumer Financial Protection Bureau in the Restoring American Financial Stability Act (S. 3217). This alternative is toothless by design and fails to meet basic standards for an effective consumer financial protection regulator. Fortunately, the amendment was voted down by a 61-38 vote.

As debate begins on the Senate financial reform bill, the strong consumer protections contained in the Restoring American Financial Stability Act (S. 3217) will surely come under assault from special interests and their armies of lobbyists—and not all of them are from big banks.