WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after President Obama announced the Administration's plan for regulatory reform:
“Today, President Obama proposed a wide-ranging regulatory overhaul designed to preserve the integrity of our financial system, protect consumers, and prevent a recurrence of the current financial crisis. Our current crisis was brought about by irresponsible risk-taking, from Wall Street to the level of individual homeowners; those risks were abetted by significant gaps in our current regulatory system. President Obama’s proposal, which includes an oversight council to monitor the stability of the financial system, tightens supervision on non-bank financial institutions, and regulates over-the-counter derivatives, is aimed to close those gaps.
“Congress, under the leadership of Chairman Barney Frank, has also been at work on plans for tough and sensible regulatory reform. We look forward to working with President Obama toward our common goal of a sound financial system that preserves our economy’s innovative power while forestalling system-wide shocks that endanger the economic security of millions.”