Pelosi: Congress Will Work With the Obama Administration to Enact Strong and Essential Financial Regulatory Reform

Pelosi: Congress Will Work With the Obama Administration to Enact Strong and Essential Financial Regulatory Reform

Wednesday, June 17, 2009

Contact: Brendan Daly/Nadeam Elshami/Drew Hammill, 202-226-7616

Washington, D.C. - Speaker Nancy Pelosi issued the following statement today on President Obama's proposal to reform our financial regulatory system:

â€Å"President Obama's proposed reforms of our financial system will help ensure smart oversight of a financial system that spun out of control. The forward-looking plan will help prevent uncontrolled and unchecked market risk-taking, protect Americans who are saving for a child's college education, for retirement, or for a rainy day, and move us closer toward avoiding a catastrophic financial markets collapse in the future.

â€Å"With new, and more robust rules of the road, we can help ensure that too-big-to-fail institutions no longer pose a threat to our entire financial system and that taxpayers cease to bear the burden of expensive bailouts. With aggressive enforcement and strengthened oversight of abusive lending practices in a new consumer protection agency, we will be better able to avoid the peddling of unsustainable mortgages that enriched a few, but impoverished many.

â€Å"In the best traditions of the American free market, we celebrate the entrepreneurial spirit of investors who take measured and responsible risks but who are also mindful of protecting their own investment, and that of others, and avoiding collective risks to all taxpayers. This is the key to the long-term stability of our financial system and to our economic prosperity.

â€Å"The New Direction Congress will work in a bipartisan way with the Obama Administration to enact strong and essential financial reforms to protect both taxpayers and investors, while ensuring transparency and accountability.”