Last night, I was proud to be presiding over the U.S. Senate Chamber when we voted to pass sweeping legislation to reform Wall Street.
We are now one step closer to bringing greater accountability to Wall Street, and to providing greater security to folks on Main Street.
The reckless gambling of a few big bankers and the failure of Washington to regulate them, resulted in a recession where the average American family lost about $100,000 in savings and home values, and 8 million Americans lost their jobs.
The Senate's reform bill holds Wall Street more accountable by:
- Ending taxpayer bailouts once and for all
- Establishing the Consumer Financial Protection Bureau to put a new cop on the beat to protect Main Street
- Preventing big banks from becoming "too big to fail."
- Creating greater transparency at the Federal Reserve
- Eliminating unfair ATM/debit card fees for consumers
- Stopping Wall Street banks from taking risky bets and jeopardizing the economic security of middle-class families
- Shedding light on the shadowy derivatives market to protect consumers
Yesterday's vote was a victory for the American people. Transparency and accountability on Wall Street will help prevent the shady, backroom deals that triggered the last financial crisis.
Now, the next step in this process is for the Senate's bill to be conferenced and merged with the House's bill. Stay tuned...
