Jul 23, 2010

Larry Summers on FinReg as insurance against another financial crisis

It's the most important Wall Street reform legislation in 75 years. It will substantially reduce the probability of another financial crisis. It will eliminate the prospect of large-scale federal bailouts of the kind we were forced into a year ago. And it will change the financial life of every American household by forcing the right kinds of protections and restrictions on egregious credit card practices, on mortgages that have exploding and unfair terms, on payday loans and other means in which consumers have been taken advantage of.

~ Larry Summers, director, National Economic Council, CNBC's Closing Bell, July 21st, 2010

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