SAN JUAN — Ruben Hinojosa is having a meeting this Wednesday December 30 with members of La Union del Pueblo Entero to explain them why he voted for The Wall Street Reform and Consumer Protection Act (H.R. 4173) to end taxpayer-funded bailouts and “too-big-to fail” financial institutions.
The bill passed in the House of Representatives last December 11, and will be sent to the Senate for consideration. Hinojosa, representing congressional district 15, was the only congressman from the Rio Grande Valley to vote for H.R. 4173, along as 223 Democrats. Acting as a block, 175 Republicans voted against the bill together with 27 Democrats, including Henry Cuellar and Solomon Ortiz, both representing districts 28th and 27th respectively.
According to Hinojosa, the bill “will protect consumers from predatory lending, safeguard our retirement and college savings from unnecessary risks, and inject transparency and new accountability into a financial system run amok”.
“For eight years, the former administration looked the other way as Wall Street and big banks exploited loopholes and gambled with our money – compromising our savings, our future, and the American Dream,” said Hinojosa. “Risky and irresponsible behavior, and the failure to regulate the financial industry led to the worst financial crisis since the Great Depression. But it stops now. This bill will hold Wall Street and the big banks accountable. It will help protect consumers. It will help me protect my constituents”.
Hinojosa said that the legislation will create a new Consumer Financial Protection Agency to protect families and small businesses by ensuring bank loans, mortgages, and credit cards are fair, affordable, and understandable.
This bill also creates the Office of Financial Literacy, which was authored by Congressman Hinojosa. The office will help educate consumers on consumer financial products and services by providing one-on-one financial counseling; helping individuals understand basic banking and savings tools; helping individuals understand their credit history and credit score; assisting individuals in their efforts to plan for major purchases, reduce their debt, and improve their financial stability
State representative Veronica Gonzalez and congressman Ruben Hinojosa during a session paying homage to Senator Edward Kennedy on August 29, 2009, in San Juan, Texas.
