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For immediate release – Friday, December 11, 2009.
Contact Bob Brammer – 515-281-6699 or

Iowa Attorney General Tom Miller Hails House Passage of Financial Regulatory Overhaul

Friday, Dec. 11, 2009.

Statement of Iowa Attorney General Tom Miller:

This is a great day for consumers in Iowa and everywhere in the U.S. I commend the House for passing this landmark bill and encourage the Senate to follow suit.

First: This measure will fix a crucial problem. Now, when it comes to mortgages, credit cards and other basic financial matters, protection of consumers is buried and often neglected in federal regulatory agencies that have other priorities, such as overseeing the safety and soundness of banks. This bill would establish a Consumer Financial Protection Agency whose primary mission is protecting consumers.

Second: The House bill gives states, and particularly state attorneys general, authority to continue their work for consumers, and to work with the new federal agency to enforce consumer laws and regulations. Thatís crucial because neither the Federal government nor the states alone have the resources to do the job right of protecting consumers.

I urge the Senate to maintain a strong bill that will be effective in protecting the financial interest of ordinary Iowans and all Americans, and I urge the Senate to reject the amendments that will be offered on behalf of special interests to weaken the bill and leave consumers vulnerable.