Securities Law Updates | New Proposed Legislation
March 23, 2010
Sweeping Financial Reform Package Pushed in Senate
Restoring American Financial Stability Act of 2010
S. ____, 3/17/2010
Senate Banking Committee Chairman Christopher Dodd, D-Conn., has pushed for a sweeping financial reform package that includes the creation of separate agency watch dogs to oversee consumer protection, financial entities, insurance companies, and credit ratings.
Highlights of the new bill include the following:
Consumer Protections with Authority and Independence: Creates a new independent watchdog, housed at the Federal Reserve, with the authority to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices.
The new independent Consumer Financial Protection Bureau…
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