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Akaka authors Wall Street reform provisions


The Wall Street Reform Act includes a number of provisions to strengthen the financial system and prevent future economic crises written by Sen. Daniel Akaka, a member of the Senate Committee on Banking, Housing, and Urban Affairs.

Akaka included a provision to create the Office of the Investor Advocate within the Securities and Exchange Commission to ensure that the interests of retail investors are better represented.

Another provision based on an amendment written by Akaka and Sen. Robert Menendez (D-New Jersey) helps to ensure that financial professionals act with the best interests of their clients in mind when they are giving personalized investment advice.

The Wall Street Reform Act created the new Consumer Financial Protection Bureau, and Akaka included a provision that created the Office of Financial Education within the new Bureau.

This office is developing and implementing initiatives to educate and empower consumers through improved financial literacy.

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