Larson Hails Senate Passage of Wall Street Reform

FOR IMMEDIATE RELEASE: July 15, 2010

CONTACT: Emily Barocas/202-225-7295

LARSON HAILS SENATE PASSAGE OF WALL STREET REFORM

Washington, DC – Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus, hailed the Senate passage today of Wall Street Reform legislation to rein in Wall Street, end taxpayer bailouts of big banks, and create a consumer financial protection bureau that finally puts consumers first. He said:

"Today, Democrats made clear whose side we are on – and it is the side of the American people. We took bold action to stand up to Wall Street Executives and protect the savings and financial security of American families.

"And, on the same day Republicans also showed us where they stand. By calling for the repeal of this landmark legislation, they are clearly on the side of the Big Banks that brought our economy to the brink of collapse. These are the same Republicans who want to allow big insurance companies to deny health coverage to people with pre-existing conditions and who are apologizing to BP and Big Oil. The difference between the two parties couldn't be clearer than it is today.

"We saw further evidence of a new day in Washington with the news that Goldman Sachs will pay $550 million to settle fraud charges brought by Obama's Securities and Exchange Commission.

"I want to commend my colleagues in the House and Senate for their work on this legislation that has been called the most sweeping reform of Wall Street in three generations. I particularly congratulate my friend and colleague Senator Chris Dodd for his exemplary work on a bill that will be an important part in his long legacy of standing up for the people of Connecticut."

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