his bank statement –- fees he had no idea he might face. Both are here today. Well, with this law, unfair rate hikes, like the one that hit Robin, will end for good. And we’ll ensure that people like Andrew aren’t unwittingly caught by overdraft fees when they sign up for a checking account.
With this law, we’ll crack down on abusive practices in the mortgage industry. We’ll make sure that contracts are simpler -– putting an end to many hidden penalties and fees in complex mortgages -– so folks know what they’re signing.
With this law, students who take out college loans will be provided clear and concise information about their obligations.
And with this law, ordinary investors -– like seniors and folks saving for retirement –- will be able to receive more information about the costs and risks of mutual funds and other investment products, so that they can make better financial decisions as to what will work for them.
So, all told, these reforms represent the strongest consumer financial protections in history. In history. And these protections will be enforced by a new consumer watchdog with just one job: looking out for people -– not big banks, not lenders, not investment houses -– looking out for people as they interact with the financial system.
And that’s not just good for consumers; that’s good for the economy. Because reform will put a stop to a lot of the bad loans that fueled a debt-based bubble. And it will mean all companies will have to seek customers by offering better products, instead of more deceptive ones.
Now, beyond the consumer protections I’ve outlined, reform will also rein in the abuse and excess that nearly brought down our financial system. It will finally bring transparency to the kinds of complex and risky transactions that helped trigger the financial crisis. Shareholders will also have a greater say on the pay of CEOs and other executives, so they can reward success instead of failure.
And finally, because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more tax-funded bailouts -- period. If a large financial institution should ever fail, this reform gives us the ability to wind it down
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No one denies – at least openly – that racial profiling is bad practice. The question at hand, and one raised during a Senate Committee hearing on civil and human rights last week, is how to end it.
On Tuesday, April 17, the Subcommittee on the Constitution, Civil Rights and Human Rights ...
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