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Boulder City Magazine® June 2010 Issue
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Reid Report
by Senator Harry Reid
Senate Majority Leader
Reform
Nevadans across the state have been affected by the recklessness of Wall Street. Retired couples who saw their retirement funds dry up, homeowners facing foreclosure or parents who were unable to get a loan for college are suffering as a result of lax regulations and risky decisions made by big banks and investment firms more than two thousand miles from Boulder City. |
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Wall Street firms held the American economy hostage, caused huge losses to investors and then got bailed out by taxpayers. The time has come to change the law to protect consumers and investors, prevent reckless decisions on Wall Street and prevent other taxpayer bailouts.
Wall Street reform should hold big banks accountable for all the problems they’ve caused to Nevadans. Any new law would ensure that no bank gets “too big to fail” and taxpayer bailouts won’t ever be an option for those institutions again. This bill will also continue the crackdown on any fraud and unfair practices by those institutions. Reform legislation will also mandate, much like credit card legislation, that investment materials be in plain English and accessible to everyone who is trusting their investments and retirement savings to Wall Street.
The most important part of this bill will be improved protections for consumers. By creating oversight to look after the interests of consumers, investors and homeowners will have someone on their side with the power to shut down bad practices. Specifically, an independent protection bureau would help all Americans make smart financial choices for themselves by providing information and guarding against hidden terms in the fine print.
Wall Street reform is about making investments more secure and mortgages and other loans more understandable. It is also about holding big banks accountable for the enormous risks they took, playing fast and loose with Nevadans’ hard earned money. I won’t stop fighting for communities like Boulder City so that the Nevadans who live and work here can invest and save with confidence.
Contact Harry Reid at http://reid.senate.gov/
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