Attorney General Tom Miller Praises Proposed Financial Regulations - KWWL - Eastern Iowa Breaking News, Weather, Closings

Attorney General Tom Miller Praises Proposed Financial Regulations

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DES MOINES (KWWL)

Iowa State Attorney General Tom Miller is praising proposed financial regulation legislation passed Friday by the U.S. House of Representatives. The House approved the landmark legislation, which creates a new agency to oversee consumer banking in the United States.

The House version of this legislation gives the United States Government and State Attorneys General broader authority in dealing with regulation of financial institutions

The Iowa Attorney General released the following statement on the House action, which now moves to the United States Senate.  

Tom Miller says, "This is a great day for consumers in Iowa and everywhere in the U.S.  I commend the House for passing this landmark bill and encourage the Senate to follow suit."

A-G Miller outlines some of the proposed changes:             

He says, "First:  This measure will fix a crucial problem.  Now, when it comes to mortgages, credit cards and other basic financial matters, protection of consumers is buried and often neglected in federal regulatory agencies that have other priorities, such as overseeing the safety and soundness of banks.  This bill would establish a Consumer Financial Protection Agency whose primary mission is protecting consumers."

            "Second:  The House bill gives states, and particularly state attorneys general, authority to continue their work for consumers, and to work with the new federal agency to enforce consumer laws and regulations.   That's crucial because neither the Federal government nor the states alone have the resources to do the job right of protecting consumers."

            Miller adds, "I urge the Senate to maintain a strong bill that will be effective in protecting the financial interest of ordinary Iowans and all Americans, and I urge the Senate to reject the amendments that will be offered on behalf of special interests to weaken the bill and leave consumers vulnerable."

Online Reporter:  Ron Steele

rsteele@kwwl.com 

 

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