Congressman Gregory W. Meeks Joins President Barack Obama for Signing of Wall Street Reform and Consumer Protection Act

(WASHINGTON, DC)–Congressman Gregory W. Meeks (NY-6), Senior Member of the House Foreign Affairs Committee, Financial Services Committee and Chairman of the Subcommittee on International Monetary Policy and Trade, joined President Obama for the signing of the Wall Street Reform and Consumer Protection Act. This legislation will bring greater accountability to Wall Street and provide stronger financial security to families and small businesses throughout the country.

“As a conferee on the Wall Street Reform Committee I am extremely pleased to have witnessed firsthand the signing of this historical legislation into law. This legislation will bring the necessary transparency, oversight and accountability to provide hard working American families and small businesses the financial security that they deserve,” said Congressman Meeks.

This bill contains the toughest financial reforms since the legislation created after the Great Depression. This new law will also create the Consumer Financial Protection Bureau (CFPB) to protect Americans from unfair and abusive financial practices. The CFPB will set safety standards to prevent hidden credit card fees, deceptive fine print, and other financial abuses that have escaped oversight until now.

“Congressional Democrats have worked hard to overcome the past eight years of failed policies by the Bush Administration and Congressional Republicans that have focused on protecting Wall Street and neglecting those on Main Street. I will continue to work with my colleagues in Congress to ensure that every American receives the necessary tools to make informed financial decisions,” stated Congressman Meeks.

As conferee Congressman Meeks negotiated a compromise on debit card interchange transaction fee regulation to avoid unintended consequences for government-benefit programs and the unbanked, while strengthening consumer protections. Congressman Meeks also crafted key elements of the final language on derivatives, including an amendment on voice auctions that allows for transparency without adversely impacting customers.

Congressman Meeks also supported the inclusion of an end-user exemption to avoid unnecessary burdens on ordinary Americans, including small business owners, farmers, and community bankers. In addition, Congressman Meeks supported the creation of an Office of Minority and Women Inclusion to ensure that underrepresented segments of the population are not left out of the economic recovery.

Additionally, Congressman Meeks along with Congressman Dennis Moore (D-KS), included an amendment that requires the Federal Reserve to conduct periodic stress tests on financial institutions, which will provide transparency and greater information for investors and markets.

Now serving in his sixth full-term, Meeks was elected to the House on February 3, 1998. Representing New York's Sixth Congressional District in the United States House of Representatives, Meeks' district covers all towns of Southeast Queens, Far Rockaway and Howard Beach. He is a member of the House Committee on Financial Services and the Committee on Foreign Affairs. Congressman Meeks is the Chairman of the International Monetary Policy & Trade Subcommittee of the House Financial Services Committee. He is a Member of the Congressional Black Caucus (CBC), New Democrats Coalition and the Democratic Leadership Council (DLC). He serves as the Co-chair of the Malaysia Caucus, Services Caucus, Dialogue Caucus, OAS Caucus and the Middle East Economic Partnership Caucus.