Improved Financial Reform Bill Moves to Senate Floor

MASSPIRG Applauds Vote; Bill Still Needs Improvements to Protect Main Street Consumers

MASSPIRG

Washington, D.C. – Chairman Christopher Dodd and a majority of the Senate Banking Committee voted on Monday evening to move a Wall Street reform package to the Senate floor. 

“It’s been over a year and a half since taxpayers bailed out the Wall Street bankers after their reckless actions ravaged our economy and cost us our jobs, our retirement income, and our homes,” said Lizzi Weyant, staff attorney at MASSPIRG. “This is a critical step forward.”

The bill as passed includes several positive improvements, including amendments aimed at making the Consumer Financial Protection Bureau a stand-alone, fully independent agency, with full authority over all firms, including small banks and payday lenders.

“A final bill must guarantee that all the shadow market players, including derivatives, hedge funds, and private equity funds, are clearly and effectively regulated. It must also contain the strongest possible guarantees to assure that no firm takes excessive risks and becomes ‘too big to fail,’” continued Weyant.

Wall Street lobbyists continue to work to defeat financial reform. MASSPIRG will work with its partners in Washington to ensure that the package is improved in the floor voting expected before Memorial Day.