from White House

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Group: White House
Subject: Do you have questions about Wall Street reform?
Last week the President signed what are universally recognized as the most sweeping reforms of our financial system since the Great Depression. We want to hear any questions you have on Wall Street Reform and will chime in on the discussion later this week to respond to some of your comments.

To help you understand the significance of what’s happened, we’ve also put together a video that walks through the new rules of the road for Wall Street – and consumer protections for you: http://wh.gov/lNS

Here are a few highlights:
• There’s now a single agency responsible for looking out for consumers: The Bureau for Consumer Financial Protections. Instead of 7 agencies thinking through these issues part-time, one agency will be in charge of establishing clear rules of the road for banks, mortgage companies, payday lenders, and credit card lenders.

• Mortgage brokers won’t make a higher commission by selling mortgages to people that they can’t afford. This was a major factor in the recent housing crisis, but now brokers and banks have to take into consideration borrowers’ ability to repay when they need a home loan.

• No more bail outs for banks with our tax dollars, no more “too big to fail.” If a company’s in trouble because of risky gambles, it will have to liquidate – and do so before it can take down the rest of the financial system.

Don’t forget to add your questions about the new law to the discussion. We will be checking in on the discussion and will drop in to respond later this week.

Posted By Jen Psaki