WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after the House and Senate reached agreement on the Wall Street Reform and Consumer Protection Act:
“This morning, House and Senate conferees produced a strong Wall Street reform bill, which I will bring to the House Floor for a vote next week. Democrats have been fighting for Main Street Americans since the economic crisis began, and Wall Street reform is another part of our work to protect American jobs and ensure that taxpayers will never again be put on the hook for the risky decisions of Wall Street. While I would hope Republicans would join us in that effort, time and again they have consistently stood with Wall Street over Main Street, fighting to protect big banks that helped cause the worst economic recession since the Great Depression, costing our economy 8 million jobs.
“I want to thank Chairman Frank for his leadership in producing a conference report that will protect jobs and consumers; restore oversight of Wall Street; bring transparency to financial markets; prudently regulate inherently dangerous derivatives so that they are no longer, as Warren Buffett has called them, 'weapons of financial mass destruction' that can bring down the U.S. and global economy; and ensure that American taxpayers are never again forced to bail out irresponsible Wall Street firms. I look forward to passing the conference report next week and sending it to President Obama for his signature.”