The Senate showed strong support for the Dodd-Frank Wall Street Reform and Consumer Protection Act by passing it with a 60-39 vote. It will be sent to the White House where President Obama is expected to sign it into law next week.
This historic bill represents a principled effort to bring financial fairness to all Americans and to ensure that lending transactions be both honest and transparent. Any policy that protects those consumers who do not have the means to protect themselves is a step in the right direction.
Many urban communities in America today are in a state of emergency, requiring the highest and most urgent attention of the private and public sectors. Passing the Dodd-Frank Wall Street Reform and Consumer Protection Act opens the way for a system that oversees the practices of participants in the financial markets, rewarding those who conduct business in the spirit of honest free trade and holding accountable those who continue predatory and abusive practices.
Certain provisions of the bill go a long way toward addressing the needs of the roots of our economic tree. In particular, this bill effectively addresses the root causes of the predatory lending induced mortgage meltdown that ultimately triggered the global economic crisis.
We are relieved and grateful that the final conference report addresses the crucial issue of foreclosure prevention. While 2.5 million families have already lost their homes to foreclosure, well over 5 million more are in imminent danger of doing so, and potentially as many as 13 million could lose their homes before the end of this crisis if they do not get some kind of assistance.
Overall, homeowners in America will be much safer as a result of the new mortgage standards. More effective foreclosure prevention will not only help homeowners, but also will help stabilize the economy and contribute to a strong recovery.
Again, we very much appreciate the act of congressional leadership shown by passing this historic legislation.