Washington, DC—Senate Majority Leader Harry Reid made the following statement today after President Obama announced his plan to restore supervision and regulation in the financial system:
“We have always said that to dig ourselves out of the deep economic hole we inherited, we must begin at the root of the problem. President Obama’s plan rightfully and responsibly declares an end to an era of excess and recklessness in our financial system.
“Hardworking Americans must be able to get the loans they need to keep open their small businesses, buy a new car or send their children to college. None of that is possible without good reason to trust that our banks and our government are working in our best interests. Our financial sector will never heal unless the financial companies who helped create this economic crisis begin to regain the public trust.
“President Obama’s plan starts us down that path by providing an outline for how to build the regulatory framework for the 21st century’s global economy. He also was right to strengthen consumer protections in that framework, something the American people demand as jobs disappear, home values decline and savings shrink in the wake of the housing and financial crises.
“I applaud President Obama for following through on his pledge to bring accountability and responsibility back to Wall Street so that we can bring confidence and prosperity back to Main Street. I look forward to working with him and his administration to implement these ambitious but crucial reforms.”