Larson Commends President For Introducing Regulatory Reform Plan
FOR IMMEDIATE RELEASE
June 17, 2009
CONTACT:
EmilyBarocas/202-225-7295
LARSON COMMENDS PRESIDENT FORINTRODUCING REGULATORY REFORM PLAN
Washington,DC - Today, the White House announced its framework for major reform of ourfinancial regulatory structure. Congressman John B. Larson (CT-01), Chairman of the House DemocraticCaucus, said:
"I commendPresident Obama for his work on reforming our financial system. Our regulatory framework is clearly outdatedand cannot keep up with the fast-paced changes we have seen in the financialsector. President Obama's plan is astrong step towards reform that will put average Americans and consumersfirst. I look forward to working withthe White House and our esteemed chairman, Congressman Barney Frank, to come upwith a final vision for comprehensive reform.
"Comprehensivereform must include a series of critical components: a look back at what went wrong in ourfinancial sector and how we got here; independence for the watchdogs whom theAmerican people trust to work on their behalf; an improved structure ofregulators to ensure there are no cracks in the system; and, modernizedregulations to deal with new and complex financial products.
"Since ourfinancial system was so severely damaged, I have been working to passlegislation that will protect consumers and Americans from the sort ofdevastation we've all experienced during this economic collapse. I believe that our regulators were asleep atthe switch when they should have been investigating the likes of Bernie Madoffand others who turned our financial markets into their own personalplayground. That is why I introduced andhelped pass legislation that will give the Inspectors General of our regulatoryagencies the tools and independence they need to fully oversee their respectiveagencies. Currently, many of theseInspectors General are hired by, and serve at the pleasure of, the head of theagencies they oversee often leaving their hands tied on the most importantinvestigations. I also worked for thecreation of an independent commission to study the root causes of the economicdownturn. Just this week, full-fundingfor that commission was approved by the House.
"I am gladthat we are moving forward with the development of a new regulatory reformstructure that will suit our 21st century global economy."
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