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July 21, 2010

Miller: New Financial Reform Law 'A Great Day'

Iowa Attorney General attends President's signing ceremony

(WASHINGTON, D.C.) Iowa Attorney General Tom Miller congratulated President Barack Obama for signing into law the most sweeping financial regulatory overhaul since the Great Depression.

Miller was invited by the White House and was present at the Ronald Reagan Building in Washington, D.C., for Wednesday’s bill signing ceremony.  Later, in remarks delivered from the White House West Wing, Miller said that the new law will help protect Iowa consumers and the nation’s economy.

“There’s now a federal financial agency that looks out for consumers and their interests,” said Miller.  “It’s truly a great day for consumers.”

Miller provided key input throughout the process, particularly in the creation of the Consumer Financial Protection Bureau.  “All told, these reforms represent the strongest consumer financial protections in history,” said President Barack Obama at the signing ceremony.  “And these protections will be enforced by a new consumer watchdog with just one job: looking out for people -– not big banks, not lenders, not investment houses -– looking out for people as they interact with the financial system,” the President added.

Miller agreed, adding that the powerful new agency will be a strong federal advocate that will work closely with state attorneys general to make a real difference for consumers in Iowa and across the nation.  “On the state level, we will work hand-in-hand with the new federal agency to help enforce the new financial reform law,” he said.

The financial reforms target Wall Street, big banks, and any financial institutions that bilk their customers, not the vast majority of Iowa’s banks. “Iowa bankers play a vital role in our economy, and help Iowa grow,” Miller said.  “This reform should not unduly affect how Iowa banks will continue to help the state prosper.”

Miller praised Congress for passing the bill, particularly Senate Banking Chairman Christopher Dodd and House Financial Services Chairman Barney Frank for their leadership.

“I am excited for Iowa consumers and I am gratified I was able to give them a voice from the beginning to the end of this legislative process,” Miller added.


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