Bill Will Protect Americans' Money and Help Stabilize Our Economy
The U.S. House of Representatives today passed critical financial reform legislation, bringing consumer and investor protections one step closer to becoming a reality for Americans who have been hurt by the recent financial crisis. By passing the "Dodd-Frank Wall Street Reform and Consumer Protection Act," Members voted to protect consumers and investors from abusive practices and reduce the vulnerability of the financial system.
AARP sent a letter to each House office advising them that the Association designated today's vote as an "AARP Key Vote." AARP will inform members and the public of how their Representatives vote on this legislation.
How a legislator votes on issues is only one factor in evaluating his or her legislative performance, which should also include such things as constituency services and committee work.
AARP supports this legislation because it will establish a watchdog that will protect Americans from getting a mortgage or credit card that has hidden fees that cause their bills to skyrocket; ensure Americans get the clear, accurate information they need to shop for mortgages, credit cards and other financial products; and crack down on investment scams targeted at older Americans.
"Over the last three years, older Americans have lost billions of hard earned dollars due to the failure of an outdated and compromised financial regulatory system," said AARP Maryland Senior State Director Rawle Andrews Jr. "The failures that led to this crisis require bold action to restore responsibility, accountability and consumer confidence in our financial system, and this bill will protect Americans' money and help stabilize our entire economy."
"AARP polling demonstrates that Americans age 50+, regardless of party affiliation, want Congress to hold financial institutions accountable," said Andrews. "We commend Leader Hoyer and Representatives Cummings, Edwards, Kratovil, Ruppersberger, Sarbanes, and Van Hollen for voting to do so."
"We're extremely disappointed that Representative Bartlett voted against important financial reforms," said Andrews. "For too long consumers and investors have made critical decisions about their finances with too little information, and without a full understanding of the products they are purchasing. Americans deserve to have all the information they need, in language they can understand, to plan for their future and have protections in place to protect them from scam artists."
AARP notified the 111th Congress that it was tracking roll call votes on key legislation important to its members and all Americans and reporting the outcomes of these votes back to the public.
"AARP members and all older Americans can see how their representatives voted on financial reform by going to www.aarp.org/governmentwatch," Andrews concluded.
AARP's Government Watch is a one-stop online portal that will be tracking and publicizing every designated key vote on issues facing Americans age 50-plus. A "Key Vote Summary" highlighting votes on these issues will be published at the end of each congressional session.