Larsen Votes to Hold Wall Street Accountable and Protect Consumers
For Immediate Release
Contact: Kimberly Johnston
(202) 225-2605
December 11, 2009
Washington, D.C. — U.S. Representative Rick Larsen (WA-02) voted today to put in place comprehensive regulations for our financial markets, hold Wall Street accountable and protect consumers. This legislation, the Wall Street Reform and Consumer Protection Act (H.R. 4173) passed the House by a vote of 223-202 and must clear the Senate before it can be signed into law.
“This legislation will help our economy recover and build a foundation for future economic growth,” Larsen concluded. “Our financial system must be reformed so that families can get mortgages, small businesses can access capital, and people are able to retire on their 401(k)s.”
“For too long, federal regulators have been asleep at the switch while Wall Street ran amok. As a result, our country faced the worst economic crisis since the Great Depression,” said Larsen. “The legislation passed by the House today will put in place appropriate regulations for our financial markets so that we never face an economic crisis like this one again.”
The Wall Street Reform and Consumer Protection Act imposes strong oversight of financial firms and the financial markets by creating a new Financial Stability Council. It protects consumers from financial abuse by creating a new, independent federal agency solely devoted to protecting Americans from unfair and abusive financial products and services. The bill gives the government the tools it needs to manage financial crises in the future by establishing an orderly process for dismantling large, failing financial institutions like AIG in a way that ends bailouts and protects consumers.
“If Wall Street decides to drive off a cliff in the future, this bill will prevent them from taking American families along as their innocent passengers.”
Larsen worked with the House New Democrat Coalition to ensure that the bill preserved the ability of small businesses to access capital, continue to be innovative, and take appropriate risk to support economic growth and job creation.
###