Hawaii Consumers by Strengthening Financial Regulations

Washington, Jun 30 – Congresswoman Mazie K. Hirono (D-Hawaii) today voted in support of legislation that will rein in big banks and their large executive bonuses, put an end to bank bailouts, and empower American consumers to make the best possible financial decisions for their future. The Restoring American Financial Stability Act of 2010, H.R. 4173, will also create an independent agency whose sole focus will be to protect American consumers. The U.S. House passed the bill by a vote of 237 yeas to 192 nays.

“My colleagues and I have worked hard to get our economy pointed back in the right direction. We need to make sure that our largest banks don’t make reckless decisions that threaten our economy and enrich special interests at the expense of American families and businesses,” said Congresswoman Hirono.  “This bill will put our citizens in much stronger positions when it comes to buying a home, using their credit cards, and mapping out their long-term financial future.”

Passing this comprehensive financial reform bill is just the latest in a series of reform measures that have provided added security and stability to working families in Hawaii and in the nation. Over the past year-and-a-half, Congress has passed an economic Recovery Act, health care coverage reform, and education reform.

H.R. 4173 will empower consumers by requiring credit card and mortgage companies to use easy-to-understand forms so that consumers clearly understand the terms of their financial agreements.  Borrowers will no longer be misled with pages and pages of fine print or subjected to hidden fees, penalties, or any other predatory practice of unscrupulous lenders. H.R. 4173 will also strengthen oversight and impose new regulations on financial reforms so that taxpayers will never again have to bail out “too big to fail” institutions.

The Restoring American Financial Stability Act of 2010 is expected to be taken up by the U.S. Senate in mid-July.  If passed, the bill will be sent to the President to be signed into law.