| For immediate release December 11, 2009 |
Contact: Erin Donar
202-225-3611
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| Kildee Votes to Protect Americans from Wall Street Greed |
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| Supports largest reform of financial regulations since the New Deal | ||||
| WASHINGTON, D.C. – Today, Congressman Dale E. Kildee (D-MI) voted in favor of H.R. 4173, the Wall Street Reform and Consumer Protection Act, which will help end the kind of Wall Street recklessness and greed that almost brought our economy to a standstill. Congressman Kildee has long supported regulation of the financial industry to protect American families. In 1999, Congressman Kildee was one of only 57 Members of Congress who voted against a repeal of the Glass-Steagall Act, which deregulated the banking and insurance industry and laid the groundwork for the recent financial collapse. H.R. 4173 passed the House of Representatives by a vote of 223 to 202. Congressman Kildee released the following statement: “As a result of the near meltdown that paralyzed our economy last fall, families in my district and across the country are struggling with job cuts, foreclosures, retirement losses and mounting bills they simply cannot afford. Much of this suffering is the result of Wall Street greed, and a regulation system that for too long has relied on banks to police themselves. It is now abundantly clear that the system that allowed large financial institutions to become too big to fail is a failed policy, and that we must take steps to protect the American people from the kind of unchecked greed that wreaked havoc on our economy. That is why I voted in favor of the Wall Street Reform and Consumer Protection Act. This legislation will enact common sense reforms that will end predatory bank practices, prevent taxpayer bailouts of Wall Street firms and increase overall transparency and accountability in the financial system. It will also give the people of my district confidence in the banks that have played by the rules. If regulations like these had been in place, American families could have been spared some of the economic pain of the last year. Today is an important opportunity to learn from these difficult lessons and ensure that the institutions that caused this suffering are held accountable. We must protect Americans from the reckless and irresponsible practices that threatened the strength and stability of the American financial system - that is exactly what this legislation will do.” The Wall Street Reform and Consumer Protection Act will: • Protect families and small businesses by ensuring that bank loans, mortgages, and credit cards are fair, affordable, understandable, and transparent by creating a new Consumer Financial Protection Agency. We currently have rules that keep companies from selling us toasters that burn down our homes. We should have similar rules that bar the financial industry from offering mortgage loans to people who can’t afford repayment. • End predatory lending practices that occurred during the subprime lending frenzy. • End “too big to fail” financial firms before risky and irresponsible behavior threatens to bring down the entire economy. • Prevent costly taxpayer bailouts with new procedures to unwind failing companies that pose the greatest risk – paid for by the financial industry and not the taxpayers. • Tough new rules on the riskiest financial practices that gambled with your money and caused the financial crash, like the credit default swaps that devastated AIG, and common sense regulation of derivatives and other complex financial products offered to consumers. • Tougher enforcement and oversight with: o More enforcement power and funding for the Securities and Exchange Commission, including requiring registration of hedge funds and private equity funds o Enhanced oversight and transparency for credit rating agencies, whose seal of approval gave way to excessively risky practices that led to a financial collapse • Address egregious executive compensation, allowing a ‘say on pay’ for shareholders, requiring independent directors on compensation committees, and limiting bank executive risky pay practices that jeopardize banks’ safety and soundness. |
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