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:
As the President beats back lobbyists seeking to weaken Wall Street Reform, he talks about an even broader threat that would vastly expand the influence of massive industries and their lobbyists in Washington. A recent Supreme Court decision opened the floodgates for corporations, including foreign corporations, to spend endless money on political ads that would give them even more power at the expense of American families – the President pledges to fight for reforms to stem that influence.
As the auto industry and financial markets begin to stabilize, the President says the government’s emergency interventions are now winding down. He pledges that real reform, particularly on Wall Street, must now begin.
As a key committee in the Senate takes up reforming the ways of Wall Street, the President lays down a marker: “I urge those in the Senate who support these reforms to remain strong, to resist the pressure from those who would preserve the status quo, to stand up for their constituents and our country. And I promise to use every tool at my disposal to see these reforms enacted: to ensure that the bill I sign into law reflects not the special interests of Wall Street, but the best interests of the American people.”