Pelosi Statement on Obama Speech on Urgent Need for Financial Regulatory Reform;

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

Washington, D.C. - Speaker Nancy Pelosi issued the following statement on President Obama's speech in New York City today, on the first anniversary of the collapse of Lehman Brothers, in which the President discussed the urgent need for financial regulatory reform:

"Less than one year ago, congressional Democrats took strong actions for oversight, accountability, and taxpayer protections as part of the Bush Administration's $700 billion plan to address the financial crisis. Now, these protections are beginning to bear fruit. In 11 months, taxpayers have earned a 17 percent annualized rate of return on TARP investments that two dozen financial firms have fully repaid.

"While our financial markets and our broader economy are showing encouraging trends, President Obama is correct that we cannot afford to return to the business-as-usual, anything-goes mindset that brought our financial system to the brink of collapse and that resulted in staggering losses in Americans' hard-earned life savings. We must rebuild our economy to be stronger than ever before, and ensure that prosperity is broadly shared in our nation.

"Essential to our efforts are both getting to the bottom of the causes of the financial crisis, and enacting strong reforms to our system of financial regulation to ensure that such a crisis never happens again. This week, the bipartisan Financial Crisis Inquiry Commission established by Congress will hold its first public hearing.

“And this fall, Congress will pass comprehensive reforms of our system of financial regulation. In doing so, we will restore the faith of consumers, investors, and the business community in the fairness, transparency, and competitiveness of our financial markets."