Press Releases
July 21, 2010
Wall Street Reform Means Protection for Main Street Americans
WASHINGTON, DC – House Majority Whip James E. Clyburn today released the following statement after President Obama signed the historic Dodd-Frank Wall Street Reform and Consumer Protection Act into law. This legislation is the most comprehensive financial reform measure since the New Deal, protecting working families and middle class consumers through increased oversight and consumer protections.
“The Dodd-Frank Wall Street Reform and Consumer Protection Act ensures that Wall Street banks will no longer be able to gamble with the savings of middle class Americans, putting an end to the free-for-all and restoring accountability on Wall Street. This law enacts the toughest Wall Street reforms since the Great Depression, creating a new consumer protection agency, putting an end to too big to fail bailouts, and establishing unprecedented levels of oversight, transparency and accountability in the financial system. No longer will taxpayers be on the hook to bail out for reckless Wall Street financial institutions.
“As Democrats have continued to fight to protect Main Street Americans, Republicans have stood up for special interests, supporting the same failed economic policies of the Bush Administration that brought us the worst economic crisis since the Great Depression, doubling of the debt and the loss of 8 million jobs. Republican Leader Boehner has gone as far as calling this bill an overreaction and pushing for the repeal of consumer protections. Democrats will not allow this to happen.”
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