President Signs Financial Reform Into Law, AARP CEO Responds

AARP CEO A. Barry Rand released the following statement in response to the presidential signing of the "Dodd-Frank Wall Street Reform and Consumer Protection Act":
"Today's signing of landmark financial reform legislation by President Obama is a significant step forward in creating consumer and investor protections that will restore responsibility, accountability and consumer confidence in our financial system, and help stabilize our entire economy.
"This new law will ensure that Americans will not be caught standing in the dark again--powerless and unprotected from the decisions that Wall Street has made. It will establish new rules of the road that will ensure that consumers understand the terms of their loans, credit cards and mortgages.
"Over the last three years, older Americans have lost billions of hard-earned dollars due to the failure of an outdated and compromised financial regulatory system, and for too long have made critical decisions about their finances and their futures with too little information and without sufficient explanation of the products they are purchasing. Americans deserve to have all the information they need, in language they can understand, to plan for their future and have safeguards in place to protect them from scam artists.
"But we also recognize that reforming our country's financial industry is not finished today. AARP is committed to continuing the fight for consumer and investor rights by providing critical information about what Americans need and want to people who will write the regulations called for in this law. As the financial industry will continue to lobby on behalf of its own interests, AARP will amplify the voice of consumers and investors every step along the way.
"For years, AARP has fought to improve the financial security of our members and all older Americans. Today, our nation has taken an historic step in representing the interests of average consumers and investors who are concerned about their economic security and their retirement. We will continue to work to ensure that this financial reform law is implemented in the best interests of all Americans."

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