April 26, 2010

CARDIN SAYS WALL STREET REFORM WILL PROTECT AND EMPOWER CONSUMERS WHILE PREVENTING FUTURE FINANCIAL CRISES

Washington, DC - U.S. Senator Benjamin L. Cardin (D-MD) called on all Senators to allow the debate on Wall Street reform legislation to move forward to day after cloture on the motion to proceed on the bill fell short 57-41.

 

"Our economy is showing early signs of recovery, but Marylanders and Americans nationwide are still hurting.   After more than a year to examine the root causes of the crisis, the bill blocked from consideration today would have helped prevent a repeat of our nation's recent economic meltdown. The bill would have shined the light of transparency on Wall Street while protecting consumers and empowering them to make informed choices that impact their financial future. It also would guarantee that American taxpayers would never again pay to bailout for failing Wall Street firms and banks.  

 

"I was disappointed the Senate was blocked from even beginning debate on this Wall Street reform bill, which is designed to return fairness and accountability to our financial system. Through a new independent consumer protection authority, Americans would be reassured that banks and financial institutions were held to a higher standard where hidden fees, abusive terms and deceptive practices were no longer tolerated. This new agency would ensure information was clear and provided in plain English. The Securities and Exchange Commission also would gain new authority to protect investors and enforce existing securities laws to prevent future Madoff-like scams that threaten the college and retirement savings of too many Americans.   And at a time when we need to do all we can to help community banks and the small businesses they support, I am pleased that the bill streamlines bank supervision to create clarity and enhanced protections for community banks.

 

"We need to stop the delays and act decisively on behalf of the American people. I urge all my colleagues to set aside any partisan agenda and join in a constructive debate on how we can prevent future economic crises and provide financial security to Marylanders and all Americans who continue to fear for their financial future."