De: The White House - Presidential Correspondence <email@example.com>
Assunto: Thank You for your Message
Enviado: Seg. 27/06/11 15:55
June 27, 2011
Thank you for writing. I have heard from many Americans about financial reform and the unfair practices of financial institutions and I appreciate your perspective.
For too long, Wall Street firms were not held accountable, financial dealings were not transparent, consumers and shareholders were not given enough information and authority to make decisions, and Government did not have the appropriate tools to close down failing financial firms without bailing them out. That is why I went to Wall Street before 1his crisis hit and called for common sense eforms to protect Americans and our economy, and why I am proud to have signed into law the most comprehensive package of financial reforms in decades, including the strongest consumer protections in our Nation's history.
Wall Street reform brings greater security to hardworking people on Main Street-from families looking buy their first home or send their kids to college; to small businesses, community banks, and credit unions who play by the rules; to shareholders and investors who want to see their companies grow and thrive. One of the central aspects of reform was 1he creation of the Consumer Financial Protection Bureau, which will empower all Americans with the clear and concise information they need to make the best financial decisions for themselves and their families. This bureau will crack down on abusive and deceptive practices, ensuring that Americans are not unwittingly caught by overdraft fees or unfair rate hikes, students who take out loans have clear information, and lenders do not cheat the system. It also gives Americans free access to heir credit score if they are denied a loan or insurance, or given a higher interest rate, because of that score.
These new consumer protections build upon the landmark Credit Card Accountability, Responsibility, and Disclosure Act (Credit CARD Act), which I signed during my first year in office. TI1is law helps American families and businesses by requiring card issuers to give fair notice about payment due dates and changes in fees. It also bans most rate hikes within the first year of opening an account. To learn more about credit card reform, visit: http://www.federalreserve.gov/consumerinfo/default.htm
Because of these reforms, the American people will never again be asked to foot the bill for the excessive risk-taking of some on Wall Street. There will be no more taxpayer-funded bailouts. By laying the foundation for a stronger, safer financial system that is innovative and competitive, our Nation will reach a more secure and prosperous future.
For more information on consumer protections, credit management, and retirement planning, please visit http://www.mymoney.gov/Pages/default.aspx or www.WhiteHouse.gov/Issues/Economy , or call 1-888- MYMONEY.