DELAURO, LARSON, COURTNEY, FRANK DISCUSS IMPACT OF FINANCIAL REFORM LAW ON HOUSING MARKET

New Haven, CT— Representatives Rosa DeLauro (CT-3), John Larson (CT-1), and Joe Courtney (CT-2) were joined by Representative Barney Frank (MA-4), Ranking Member of the Financial Services Committee, today to discuss the Wall Street Reform and Consumer Protection Act's impact on the housing market.

The Representatives were joined by housing and financial industry professionals for a roundtable discussion on how this new law will provide a more solid foundation for the housing market and a more stable economic climate. With new regulations for implementing the law set to be approved in August, the discussion centered on how these realtors, lenders, and the housing market in Connecticut and across the country will be impacted.

"It is critical that the regulations to implement this new law reflect its original intent: to prevent another financial crisis by increasing transparency and accountability in financial markets and ending predatory lending practices. But with many Americans still struggling in today's economy, we need to make sure that these regulations enable families to move forward and the housing industry to fully recover," said Congresswoman DeLauro. "I thank Congressman Frank, and all who are in attendance, for coming today and sharing their insights. Together, we can figure out how to ensure that the Dodd-Frank financial reforms are given a chance to work, and that they are working as intended."

"Last year Congress, under the leadership of Former Senator Chris Dodd and Congressman Frank, passed commonsense reforms aimed at preventing Wall Street from returning to the practices that caused our 2008 financial collapse," said Congressman Larson. "The Dodd-Frank Wall Street Reform legislation has the ability to rein in abusive practices, but only if Congress allows it to take effect and stops delaying and defunding many of the law's critical components. I am very happy to be able to participate in today's panel with Congressman Frank and the rest of our fantastic delegation as we try to figure out how we can move forward to let this law do its job."

"The Wall Street Reform and Consumer Protection Act provides the broad framework not only to stabilize the housing market, but to rein in rising gas prices," said Congressman Courtney. "In a tough but improving economy, this law will give Connecticut families peace of mind that the real causes of the financial and housing crises have been addressed."