Graves to Serve as a Conferee on Financial Regulatory Reform Bill

Press Release

Date: June 10, 2010
Location: Washington, DC

Republican Leader John Boehner (R-OH) has selected Congressman Sam Graves to participate in the Conference Committee that will hash out differences between the House and Senate versions of the H.R. 4173, the Financial Regulatory Reform bill. Graves has released the following statement:

"Restructuring regulatory oversight of America's financial sector is a critical debate, especially given the fact that the financial services sector contributed more than a third of corporate profits in the country during the last decade. However, the current House- and Senate-passed bills are filled with loopholes and potential pitfalls that are virtually guaranteed to do more harm than good. Both bills will kill jobs, further restrict credit and access to capital, create new hurdles for small businesses and cede unprecedented authority over our financial marketplace to unelected government bureaucrats.

"We have an opportunity to learn from past mistakes and forge a new way forward for our economy. It is time to end bailouts, take action on Fannie Mae and Freddie Mac, and streamline our financial regulatory system. I am looking forward to coming together with my colleagues and developing common sense solutions that will accomplish these things while ensuring sufficient protection for consumers, small businesses, and our economy as a whole."

Conferees from the House and Senate met for the first time this afternoon to begin negotiations on the legislation. The Conference Committee is expected to convene for at least a week as both sides attempt to craft a final conference report that would then be voted in each chamber.