Letter: Walz protects us with Wall Street reform voteWe should all be thankful that we have U.S. Rep. Tim Walz representing us in Washington, D.C.
By: Robert Emary, Worthington, Worthington Daily Globe
We should all be thankful that we have U.S. Rep. Tim Walz representing us in Washington, D.C. Recently, the Wall Street reform bill passed both the House and Senate. Rep. Walz voted for the passage of this bill. He also authored an important amendment to the final version of the bill that establishes a better communications system between the new consumer watchdog and Congress.
This is a very brief summary of the bill:
1. The next time big banks threaten the economy through their mistakes, there will be a liquidation process not a bailout. The CEOs will be the first to go.
2. There are now protections for costumers against deceptive bank products, hidden fees and predatory lending.
3. Borrowers will no longer be able to borrow more money than they can possibly repay and lenders must reveal all of the fine-print terms and conditions of loans.
4. The reform bill now provides protection to the investor through tougher enforcement of banking laws.
This is just another example of Tim Walz’s concern for all of us in the 1st Congressional District and why we must re-elect him in November.