Nearly two years after major banks brought the global financial system to the brink of collapse and triggered a steep economic decline, Congress passed its Wall Street reform package today, 60-39. The president will sign it into law next week.
Heather Booth, Director, Americans for Financial Reform: “Passage of this legislation is a victory for Main Street over Wall Street. Nearly two years after Wall Street and the Big Banks took our economy to edge of the abyss, and cost 8 million Americans their jobs, Congress has passed and sent to the President the most sweeping banking reforms since the Great Depression.
“The legislation will take unprecedented steps to clean up Wall Street.
· It will protect consumers buying homes.
· It will create new rules of the road for credit to protect families and small businesses.
· It will rein in the casino economy and stop speculators from operating in secret.
· It will give the tools to stop future bailouts.
· It will make our economy more secure and more stable.
“Despite all the millions spent and armies of lobbyists deployed to kill this reform, Main Street has come out ahead because people organized, protested and raised their voices. Americans will long remember those in Congress who courageously stood with Main Street again the Big Banks, who have tried for two years to kill this bill.
“There is no question that the Big Banks, and their high priced lobbyists will continue to work to weaken or gut reforms and we will continue to fight to ensure that the strongest reforms are implemented.
“This is the beginning and not the end of the struggle to hold the big banks accountable. We will continue the fight to make sure the promise of the legislation is realized. Today we join tens of millions of Americans in celebrating this victory and applauding Congress for its bold action.”