WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after President Obama signed Wall Street reform into law:
“Today the President signed into law Wall Street reform, building on Democrats’ efforts to promote a strong economy and continue job creation. Two years ago, we faced a financial collapse that has cost our economy 8 million jobs and cost many families their homes and savings – a collapse which Minority Leader John Boehner derisively compared to an ant. That collapse was in large part due to years of Republican rule when they took the referees off the field and allowed Wall Street free rein to play with our economy. Today, Democrats put in place common sense rules to protect consumers and our economy. We also have put an end to the excesses of Wall Street, ensuring taxpayers will never again be on the hook to bailout big banks.
“Even after their policies helped lead to financial collapse and a deep recession, Republicans are already insisting that they would repeal Wall Street reform. Going back to the failed Bush policies that cost us millions of jobs and added billions to the deficits is not the right direction for America.”