For eight years, President Bush and his Republican allies ignored growing risks in the financial markets as Wall Street and big banks exploited loopholes and harmed America's families and small businesses. Their failure to regulate financial markets and control these risks left Wall Street and the big banks to gamble with our money, which compromised our future, our savings, and the American Dream.
Last December, the House passed the Wall Street Reform and Consumer Protection Act (HR 4173)–a comprehensive financial regulation reform bill to put in place commonsense rules to ensure big banks and Wall Street can’t jeopardize our recovery and hurt hard-working families and small businesses once again. Tonight, the Senate passed Wall Street Reform legislation and the House and Senate will now work together on a final bill.
Speaker Pelosi on Senate passage:
Tonight, the Senate joined the House in passing a bill to stop the reckless and excessively risky practices on Wall Street that cost millions of Americans their jobs and life's savings, and restore transparency, accountability, and fairness to a financial system run amok. I commend Senator Dodd for his leadership.
The House and Senate versions of Wall Street reform legislation are more alike than they are different; where there are differences, we will work together to strengthen the legislation. I thank Senator Reid for his leadership in shepherding this legislation through the Senate and we will move quickly to get a bill to the President's desk for his signature.
We have an historic opportunity to revamp oversight of the financial industry in our nation and to protect Main Street from the excesses of Wall Street. In the House, Republicans have unanimously opposed this progress, choosing instead to stand with special interests and big banks. I hope Republicans will join us in supporting strong, commonsense reforms, and sound solutions to protect the pocketbooks and the jobs of the American people.
House Financial Services Committee Chairman Barney Frank (D-MA):
I congratulate Senator Dodd on an impressive act of legislative leadership, and I also congratulate Majority Leader Reid for pushing this through. The two bills are very similar, and the House is ready to go to conference to work out the remaining issues. I am confident that we can have a bill ready for President Obama's signature very soon.