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July 15, 2010
WALL STREET REFORM PACKAGE PASSES SENATE
Waiting for President Obama’s Signature
Today, the Senate sent the Wall Street Reform and Consumer Protection Act to the President’s desk to be signed into law. This bill is the most significant reform to the financial industry since the New Deal and will protect taxpayers and consumers by bringing accountability to Wall Street and big banks and end the risky practices resulting in the worst financial crisis since the Great Depression. This comprehensive legislation will prevent future bailouts of large financial institutions.
This bill makes critical reforms to our financial system to address the Wild West era of lax regulation the Bush Administration encouraged. When Wall Street operates like the Wild West, Main Street suffers. This bill is about whose side you’re on. I’m on the side of the hardworking people of our district and state – protecting consumers from fraud and providing Coloradans with financial security. We cannot let America’s families and small businesses pay the price for Wall Street’s recklessness.
Click Here to view my speech on the Wall Street Reform Bill when it passed the House last month.
I am proud my provision was included to take a necessary closer look at High Frequency Trading which played a role in the May 6, 2010 “Flash Crash” so we can ensure adequate oversight of this kind of trading.
Other key provisions of the bill include:
- Establishment of a new Bureau on Consumer Financial Protection within the Federal Reserve to focus solely on writing meaningful consumer protection standards and keeping watch for predatory practices;
- Increased transparency and accountability by establishing a regulatory system for over-the-counter derivatives;
- Registration of hedge funds and the doubling of SEC funding to hire more experts;
- Strengthening investor protection laws;
- Creation of a Federal Insurance Office to gather information, mitigate systemic risks and provide insurance expertise to the Federal government;
- Inclusion of previously passed “Say on Pay” and Mortgage Reform aimed at curbing the abusive and predatory practices that led to the subprime lending problems.
Government in the Grocery
Discuss the Issues with Ed
Jennifer Harenberg and family discussing energy and health care issues
with Ed at a Government in the Grocery in Golden.
Ed-
Thank you for being such an approachable leader for our district. You have always been open to hearing my concerns regarding health care and renewable energy. Having been a lifelong resident of Jefferson County, you value our district to the same degree your constituents do. My kids also really like "that guy with the red shirt we met at the food store."
Thank you Ed!
Jennifer Harenberg & Family
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To discuss taxes, the economy or any issue important to you, please attend my next Government in the Grocery. This is a program where my staff and I go to grocery stores throughout the district and talk with constituents one-on-one. Not only does this give me an opportunity to hear directly from my constituents but it helps me to better represent you in Washington DC. Please note constituents are given priority and due to time constraints groups or individuals may be limited to approximately five minute intervals.
The next Government in the Grocery is scheduled for Saturday, July 24th in Aurora from 10:00 AM to Noon - exact location TBD. Please check back on my Schedule of Events to confirm the location.
Main Street Tours
Ed discussing economic and small business issues
with patrons at La Cueva Restaurant in Aurora
Last week I went on a Main Street tour of CD 7 small businesses in Arvada, Brighton and Aurora. This was a great opportunity to discuss economic issues with small business owners, employees and their patrons. In the Financial Services Committee I have been working on a provision to help small community banks make credit more easily available to small businesses. Meeting with Colorado small businesses helps me to be able to work on legislation to help put Coloradans back to work and get credit flowing again to Main Street.
30th Annual Wheelchair Games a Success!
Ed speaking at the Event Kickoff & Quad Rugby Game
I want to say how proud I am of Colorado, the Denver metro region, the Paralyzed Veterans of America, the Veterans Administration, the thousands of volunteers and most importantly, the disabled veterans who competed last week in the 30th Annual Veterans Wheelchair Games. I had the privilege in participating in the Event Kickoff and Opening Ceremonies and saw firsthand the action packed game called Quad Rugby. Congratulations again to the athletes, volunteers, sponsors and staff who made this event such a success.
• Click here to view a video of the Event Kickoff & Quad Rugby Game.
Congressman Ed Perlmutter |
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Washington DC Office
415 Cannon House Office Building
Washington, DC 20515
Phone: 202.225.2645
Fax: 202.225.5278 |
District Office
12600 West Colfax Avenue, Suite B-400
Lakewood, CO 80215
Phone: 303.274.7944
Fax: 303.274.6455 |
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