Financial reform bill passes House

Major reforms that could affect personal finances and credit card debt were recently passed by the House of Representatives.

Through the Wall Street Reform and Consumer Protection Act, products and services put forward by firms would be watched over by a new Consumer Financial Protection Agency. Those products would include credit card debt and home loans.

Furthermore, larger financial firms would have additional regulations tied to them and would be monitored by a committee. The goal is to make sure that the failure of such firms would not bring down the rest of the nation’s economy.

“The Wall Street Reform and Consumer Protection Act will restore tough enforcement and strong oversight to Wall Street and the big banks – after a decade of Washington looking the other way – and inject transparency and accountability into a financial system,” California Democrat and Speaker of the House Nancy Pelosi said.

The legislation passed by the House is among a number of efforts put forward by the government in order to safeguard consumers against certain business practices. For example, The Credit Card Accountability, Responsibility and Disclosure Act was passed and signed into law, which provides new regulations for credit card debt accounts.