The President’s Record on Wall Street Reform

Through Wall Street Reform, President Obama created the Consumer Financial Protection Bureau. The agency defends consumers from unfair and abusive financial practices and makes sure that credit card companies and mortgage and payday lenders follow the rules. The President appointed Richard Cordray as director of the CFPB to serve as a watchdog with one job: to look out for the best interests of American consumers.

Romney-Ryan would repeal Wall Street Reform and let Wall Street write its own rules again, putting taxpayers at risk for future bailouts and returning to the conditions that created the worst economic crisis since the Great Depression. Romney claimed the CFPB threatened “constitutional principles,” and he attacked President Obama’s appointment of Richard Cordray.

President Obama passed the Wall Street Reform and Consumer Protection Act to hold Wall Street accountable, prevent future financial crises, and end the era of “too big to fail.” Wall Street reform ensures that if a financial company fails, it will be Wall Street that pays the price—not the American people—and sets ground rules for the riskiest financial speculation. President Obama also enacted a Credit Card Bill of Rights to protect consumers from unfair and deceptive practices, like over-the-limit charges and hidden costs.