Larson Joins President at Financial Reform Bill Signing

LarsonJoins President at Financial Reform Bill Signing

Bill includes Larson's Commission on Financial Markets

Washington, DC - Congressman John B. Larson (CT-01), Chairman of theHouse Democratic Caucus, joined President Obama at the White House today as hesigned landmark legislation to reform our financial system and protect Americanconsumers. The legislation creates a Financial Markets Inquiry Commissionthat would investigate the causes of the economic downturn, a provision Larsonhas been a strong leader and advocate of.

"The American people are demandinganswers about the collapse of our financial system," said Larson. "As we work to reform and rebuild thefinancial sector we also need to look back and learn from the mistakes of thepast. In the past twenty years, our economy has suffered through thebursting of three major financial bubbles. We can't afford to let thathappen again. I've been working on this issue since September when we saw thefirst signs of collapse in the financial sector. I commend Congress for takingup the legislation and I applaud the President for his support."

The commission was part of theMortgage Fraud Enforcement and Recovery Act, legislation that provides criticalfunding and updated tools to help law enforcement pursue and prosecute mortgageand corporate fraud.

"Because of the reckless behavior ofWall Street and the mortgage industry, millions of Americans have lost theirhomes and our economy is in turmoil. With these tools, we'll be able toprotect homeowners and keep average Americans from getting tricked into loansthey can't afford."

The legislation is part of theongoing Democratic agenda to rebuild our economy in a way that is fair andconsistent with our American values - rewarding hard work and responsibility,and offering prosperity for the long run.

"We must put an end to the abusivepractices that have driven so many Americans deeper and deeper into debt andcaused millions to lose their homes. Our economic recovery depends on ashared prosperity, not an overheated housing market or maxed-out credit cards," said Larson.

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