Washington, DC— Nevada Senator Harry Reid released the following statement today regarding the need for strong consumer protections in Wall Street accountability legislation:
“When I hear Nevadans tell me about losing their homes and their retirement savings because of the unregulated excess and greed on Wall Street, I know we can never again allow big banks to gamble away our economic security. That’s why Senate Democrats’ plan puts a new cop on the beat to level the playing field for middle-class families. Our bill not only creates an independent agency with real authority to protect Main Street, but we also end taxpayer bailouts and prevent banks from becoming ‘too big to fail.’
“Republicans offer only business as usual – their watered down plan creates a new level of bureaucracy without any real power to stop big banks’ abuses. Their proposal would not have protected middle-class Americans from the reckless Wall Street behavior that hurt consumers during the last financial crisis, and it won’t protect them from the next one. Families in Nevada and across America need real reform that holds Wall Street accountable, not the toothless tiger Republicans are offering.
“Democrats want to complete debate on this bill in the coming days, and we will use that time to make this good bill even better. We will resist any attempt to weaken the big-bank accountability measures and strong consumer protections in this bill so that Wall Street will never again be able to take advantage of Main Street.”