WASHINGTON - Rep. Charles Rangel hailed the Senate passage today of legislation to rein in Wall Street, end taxpayer bailouts of big banks, and create a consumer financial protection bureau that finally puts consumers first.

The Dodd-Frank Wall Street Reform and Consumer Protection Act will end the era of abuses by “too big to fail” banks that have cost the American people 8 million jobs and $17 trillion in retirement savings and net worth. The legislation will now go to the President to be signed into law.

“Too many working families in New York and across the country have lost their homes, their jobs, and their retirement savings as a result of Wall Street’s recklessness and greed,” said Congressman Rangel. “This bill goes a long way in helping Americans re-establish their faith in our financial system. Because if people are going sink their life savings in an institution, they have to feel confident that they are doing so in a place where they think honesty, equity and fair play is a part of how business is done. "

Endorsed by such groups as AARP, Consumer Federation of America, Consumers Union, Public Citizen, SEIU, and US PIRG, the bill creates a process to shut down large, failing firms whose collapse would put the entire economy at risk. It also creates the Consumer Financial Protection Bureau (CFPB), a new consumer watchdog devoted to protecting Americans from unfair and abusive financial practices.

"These reforms will help prevent the risky financial practices that led to the financial meltdown and stop large financial firms from gambling with Americans’ retirement and college savings and home values," said Rangel. "Taxpayers will no longer pay the price for Wall Street’s irresponsibility."

For more information on Congressman Rangel's position on financial reform and what he is doing in Washington and in the District, please visit his web site at http://www.rangel.house.gov.