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Geoff Greenwood, Communications Director
515-281-6699, geoff.greenwood@iowa.gov
FOR IMMEDIATE RELEASE, July 15, 2010

Miller Applauds Passage of Financial Reform Bill

(DES MOINES, Iowa) Iowa Attorney General Tom Miller applauds Congress for passing a momentous financial reform bill which places new, tough restrictions on Wall Street and big banks, and puts in place new protections for consumers.

“This is a great day for consumers here in Iowa and across the country,” said Miller.

The law will give both the federal government and state attorneys general a powerful new tool to collaboratively protect consumers.  The federal Consumer Financial Protection Bureau (CPFB) will create and enforce new regulations to protect consumers.  For the past year, Miller has led a group of attorneys general to support the creation of the CFPB.  “This new agency will protect consumers like never before,” Miller said.  “State attorneys general will be able to enforce the new federal rules created by the new agency and be able to partner with the new agency in overall enforcement.”

The law also establishes a new watchdog authority to go after companies and financial institutions that threaten the economy.  “Irresponsible lending and lax oversight helped cause our financial crisis,” Miller said.  “This new law will help protect Americans and help safeguard our economy.”

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