Democrats in Congress are committed to reining in Big Banks and Wall Street to ensure consumers and small businesses on Main Street are protected from financial crises in the future. Last night, every Republican voted to block Wall Street reform from being debated in the US Senate and this afternoon again voted en masse to block floor debate, joining the House Republicans who unanimously voted against reform legislation passed by the House in December. National headlines tell the story:
New York Times, G.O.P. Blocks Debate on Financial Oversight Bill:
Senate Republicans, united in opposition to the Democrats' legislation to tighten regulation of the financial system, voted on Monday to block the bill from reaching the floor for debate.
Washington Post, Financial Overhaul Blocked by GOP:
Republicans voted unanimously Monday to block an effort to overhaul financial regulations from reaching the Senate floor…
About two-thirds of Americans supported stricter regulations on the way banks and other financial institutions conduct their business, according to a Washington Post-ABC News poll. Majorities also backed two main components of pending Senate bill: greater federal oversight of consumer loans, and a proposed fund paid for by the financial industry that would go toward dismantling failed firms that put the broader economy at risk.
Democrats say Republicans are protecting Wall Street at the expense of millions of Americans who lost jobs after the crisis. Senate Democratic leader Harry Reid said the vote shows Republicans want to “protect the big banks.”
Los Angeles Times, GOP senators block debate on finance bill:
Senate Republicans on Monday united to block legislation that would make the most far-reaching changes in financial industry regulation since the Great Depression…
Associated Press, Democrats, undaunted, keep focus on Wall Street:
Democrats planned to keep up the pressure on Republicans after an expected setback put the brakes on Senate consideration of financial regulations. They scheduled a vote for Tuesday afternoon to test the Republicans’ unity.
First, Congressional Republicans solicited donations from the big Wall Street lobbyists. Then they parroted their talking points. Following the votes against reform in the Senate this week, do Americans need any more evidence that Congressional Republicans are protecting Wall Street special interests and Big Banks over progress for the middle class? For American workers, families and small businesses, the message is clear–Republicans are siding with Wall Street over Main Street every time.
Speaker Pelosi’s statement on the second consecutive day of Senate Republican’s blocking debate on Wall Street reform:
The failure of Republicans to oversee our financial system resulted in a financial crisis that cost our country 8 million jobs and produced the worst economic downturn since the Great Depression. Yet, at every opportunity, Republicans choose to protect Big Banks and Wall Street, say no to common-sense reforms, and reject sound solutions to strengthen oversight of our financial system.
This afternoon, Senate Republicans once again sided with Wall Street over Main Street. They said no to America's consumers and they placed their bets on the side of the people who already gambled and lost with our families' college savings, homes, and retirements.
Democrats are fighting to rein in Wall Street and Big Banks. In December, the House passed legislation, over unanimous Republican opposition, to stop reckless and excessively risky practices on Wall Street, and restore transparency, accountability, and fairness to a financial system run amok.
As Senate Republicans seek to weaken the consumer protections and accountability at the center of our Wall Street reform legislation, Democrats will continue to fight for the strongest bill possible to protect Main Street from the excesses of Wall Street.