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Financial Reform Bill a Win for Main Street

July 20, 2010

SIOUX FALLS, S.D. - The passage of the financial reform package by Congress last week is being called "an historic shift of power." Mark Anderson, president of the South Dakota State Federation of Labor, says the bill shifts that power away from big banks and corporations to working families and Main Street.

"Well, it's a good thing because what the working people are worried about today, first thing is jobs, the second thing is their 401K. I think this bill going to help make it a lot safer; they are not going to have to worry about losing their money."

The reform act will create a new consumer protection agency, open up derivatives trading, and give investors new tools to hold corporate officers and boards responsible for their decisions.

Anderson says opening up financial dealings will be a major improvement.

"I believe it adds stability; I think we are moving away from banking and financing being tied too closely together, and it will eliminate some of the speculative things."

Banks and other financial institutions oppose the changes because of the extra regulations, which they say will lead to higher costs for consumers.

Jerry Oster, Public News Service - SD