Delaware News

Wall Street Reform and Consumer Protection Act will help Delaware protect consumers

Consumer Protection | Department of Justice | Department of Justice Press Releases | Date Posted: Wednesday, July 21, 2010



Wall Street Reform and Consumer Protection Act will help Delaware protect consumers

Wilmington – Attorney General Beau Biden said his office gained new powers to better protect
Delaware investors under the federal financial reform legislation President Obama signed into law
today.

“These important reforms direct significant new federal resources to protect consumers’
interests and give states new authority to enforce consumer financial protections,” Biden said.
“Reckless behavior in recent years has caused pain that is still being felt around kitchen tables in every
corner of our state. With this new law, we now have stronger state and federal oversight of the
financial industry and more protections for Delawareans who invest their hard-earned money.”
Specifically, the Wall Street reforms:
• establish a new federal consumer financial protection agency to regulate consumer financial
products and services
• preserve state consumer protection laws governing financial services and empower state
Attorneys General to stop abusive and deceptive practices by enforcing federal consumer
protection regulations against national banks. Giving states the authority to enforce federal
consumer protection regulations was a top priority of state Attorneys General.
• increase the number of investment firms that are required to register with and be regulated by
the Delaware Attorney General’s Securities Unit
• allow the Securities and Exchange Commission to regulate investment firms’ agreements with
clients that require the use of binding arbitration to resolve disputes. If the SEC limits their
use, Delaware will be in a stronger position to pursue relief on behalf of investors who are
harmed from misconduct by brokers and investment advisers
• create a grant program for states to assist with their monitoring of investment professionals who
bill themselves as experts in providing investment advice to senior citizens
# # #

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Wall Street Reform and Consumer Protection Act will help Delaware protect consumers

Consumer Protection | Department of Justice | Department of Justice Press Releases | Date Posted: Wednesday, July 21, 2010



Wall Street Reform and Consumer Protection Act will help Delaware protect consumers

Wilmington – Attorney General Beau Biden said his office gained new powers to better protect
Delaware investors under the federal financial reform legislation President Obama signed into law
today.

“These important reforms direct significant new federal resources to protect consumers’
interests and give states new authority to enforce consumer financial protections,” Biden said.
“Reckless behavior in recent years has caused pain that is still being felt around kitchen tables in every
corner of our state. With this new law, we now have stronger state and federal oversight of the
financial industry and more protections for Delawareans who invest their hard-earned money.”
Specifically, the Wall Street reforms:
• establish a new federal consumer financial protection agency to regulate consumer financial
products and services
• preserve state consumer protection laws governing financial services and empower state
Attorneys General to stop abusive and deceptive practices by enforcing federal consumer
protection regulations against national banks. Giving states the authority to enforce federal
consumer protection regulations was a top priority of state Attorneys General.
• increase the number of investment firms that are required to register with and be regulated by
the Delaware Attorney General’s Securities Unit
• allow the Securities and Exchange Commission to regulate investment firms’ agreements with
clients that require the use of binding arbitration to resolve disputes. If the SEC limits their
use, Delaware will be in a stronger position to pursue relief on behalf of investors who are
harmed from misconduct by brokers and investment advisers
• create a grant program for states to assist with their monitoring of investment professionals who
bill themselves as experts in providing investment advice to senior citizens
# # #

image_printPrint


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.