From the Obama Campaign: This morning, a group of public servants showed up to work at a brand-new agency created to protect everyday Americans from the abuses of Wall Street.
They’re the folks of the Consumer Financial Protection Bureau, and they’ll be the cops on the beat protecting consumers from predatory credit card and mortgage lenders, bait-and-switch creditors, and anyone trying to make a quick buck by deceiving or manipulating Americans who are just trying to secure their financial future.
Many Americans don’t know it, but this bureau is just one part of a sweeping Wall Street reform law — the most pro-consumer and pro-taxpayer reform of our financial system since the Great Depression — that President Obama signed a year ago today.
Watch this video to get a quick overview of the law, and a briefing on the special interests trying to undermine it:
It’s important that everyone knows what this law means for all of us. Simpler mortgages. Clearer credit card rates, fees, and rules. Fairer loan terms. It’s based on the simple idea that if you make sure that people get clear information, they’ll make the financial decisions that work best for them.
And we can all rest a little easier knowing that our common financial future is more protected from the irresponsibility of a few. This law made structural reforms to ensure that the financial crisis we experienced in 2008 never happens again and that taxpayers aren’t on the hook to pay for Wall Street’s risky bets.
It’s up to you to make sure more people know about this. Most Americans don’t have all the details on how this law is working for them, and it’s our job to change that.
Take a look, and be sure to pass this one on:
Amazingly, each and every Presidential candidate on the other side opposes this law.
And the same opposition that tried to block it more than a year ago is still alive and well.
Right now, lobbyists are at work trying to weaken the tough regulations this law imposes.
That’s no accident — its provisions are designed to rein in the Wall Street, credit card, and mortgage banking interests these people represent.
As we know, there aren’t a whole lot of high-powered lobbyists in Washington looking out for the common good of everyday families.
That’s exactly why this law is necessary, and why our growing organization in all 50 states is so important. It’s up to us to make sure our friends and neighbors know about it. Watch our video about Wall Street reform today — and then pass it on: