WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after the Senate passed Wall Street Reform legislation, sending it to the President’s desk to become law:
“Today’s passage of Wall Street reform is another step Democrats are taking to strengthen our economy, create jobs, and give consumers more control. Nearly two years ago, our nation faced a financial crisis that was largely the result of Republican policies that allowed big banks to make risky choices. This bill will reestablish fair rules of the road which will work to rein in the excesses of Wall Street, thereby rebuilding confidence in our economy and promoting job creation. It also puts middle class Americans – not big banks – back in control, ending bailouts and increasing consumer protections.
“Not surprisingly, Republicans have already announced that they want to repeal this legislation, putting big banks back in control and taking us back to the failed policies that made this reform necessary in the first place. That’s the last thing America needs as we move forward in building a strong middle class again.”