Bullock Releases Statement as Wall Street Reform Becomes Law
HELENA – Montana Attorney General Steve Bullock released the following statement in response to President Obama signing the Restoring American Financial Stability Act:
“Financial reform becoming law is great news for Montana consumers, small businesses and family farms and ranches.
“The law gives both the federal government and state attorneys general powerful new tools to work together to protect consumers. Passage of the Act and creation of the federal Consumer Financial Protection Bureau puts financial cops back on the beat and restores responsibility, accountability and oversight.
“The financial meltdown wouldn’t have happened were it not for irresponsible lending and lax oversight. Passing these sweeping reforms — which end ‘too big to fail’ and taxpayer-funded bailouts — will make sure that the interests of Main Street and hardworking Montanans are protected.
“Senators Baucus and Tester deserve our thanks for helping to pass this important legislation and for standing up to the intense lobbying by the big money firms on Wall Street.”
Bullock is co-chair for the Consumer Protection Committee of the National Association of Attorneys General. He penned an editorial earlier this year advocating for specific regulatory reforms to protect Main Street businesses. That editorial — which ran in newspapers across the state — is online.
As Attorney General, Bullock oversees Montana’s Office of Consumer Protection. That office advocates for Montana consumers and recent actions have ranged from playing a leading role in prosecuting one of the largest predatory lending schemes ever, to securing a settlement for customers of a cell phone provider that abruptly shut its doors and turned off service.