Carson: Important Wall Street Reform One Step Closer to Reality

Statement

After working for months on the Wall Street reform package as a member of the House Financial Services Committee, Congressman André Carson today hailed the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act:

"Two years ago our economy was brought to the brink of collapse because of misguided and destructive practices from the financial industry. Today's vote puts us closer to the historic reform that will finally protect American consumers from falling victim to the dangerous gambles made on Wall Street.

"Once signed into law, Wall Street Reform will work together to address the countless causes - from predatory lending to unregulated derivatives - that led to the meltdown. It includes strong consumer protections aimed at restoring transparency and fairness as well as end taxpayer-funded bailouts and "too big to fail' financial institutions.

"For too long the previous administration failed to monitor the financial industry, looking the other way as average Americans lost their jobs and retirement savings as a result of Wall Street's recklessness and greed.

"These reforms are a huge step in the right direction, and I look forward to when the President signs this important legislation into law."

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