Rep. Deutch hails passage of financial reform bill
Congressman Ted Deutch (FL-19) released the following statement after final passage of Wall Street reform by the United States Senate:
“Nearly two years ago, 8 million American jobs vanished. $17 trillion in retirement savings and net worth evaporated. Millions of families lost their homes, and small businesses closed their doors. These tragedies did not happen by accident. For eight years, the Bush Administration and its allies in Congress turned a blind eye as recklessness on Wall Street ran rampant.
“While no legislation can bring each of those jobs back or cure the pain caused by this recession, today the United States Congress passed the most important consumer protection and financial regulation reform in decades. Sending the Dodd-Frank Wall Street Reform and Consumer Protection Act to President Obama’s desk is the most significant step taken by Congress thus far to protect the American people from another financial meltdown. This bill will help prevent the irresponsible behavior that led to the financial crisis and prevent banks and firms that are too big to fail -- from gambling with Americans’ retirement savings, home values, and credit.
“No longer will taxpayers be on the hook for bailing out large financial firms whose collapse would put the entire economy at risk. Instead, we will have an established process for shutting down firms in trouble. In addition, Americans will have a watchdog in the new Consumer Financial Protection Bureau exclusively devoted to protecting consumers from abusive financial practices.
“A stable financial system is crucial to fostering job creation, providing small businesses with adequate access to credit, and fueling a long-lasting economic recovery. I look forward to President Obama’s signing of this bill and will be closely monitoring the enactment of its many important provisions.”