Pelosi: 'Today's Action by Financial Services Committee Brings Accountability to Wall Street and Big Banks'

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

Washington, D.C. - House Speaker Nancy Pelosi issued the following statement today following passage in the House Financial Services Committee of financial stability legislation that will prevent future taxpayer bailouts of large financial firms. This bill will be part of a comprehensive package of financial system reforms, the Wall Street Reform and Consumer Protection Act, that will be considered on the House floor next week.

"Today's action by the House Financial Services Committee brings accountability to Wall Street and big banks. When coupled with strong reforms to protect consumers and Main Street that the House will vote on next week, it will end the reckless practices that resulted in the worst financial crisis since the Great Depression.

"This major step forward would not have been possible without the leadership, vision, and commitment of Chairman Barney Frank. The Chairman's efforts to shepherd a comprehensive package of financial reforms through the Committee will ensure that Americans' homes, pensions, college savings, and financial futures are protected and the House will vote soon on this legislation.

"We must bring to a close an era of massive taxpayer-funded bailouts, where banks and financial institutions gambled away Americans' hard-earned paychecks and engaged in practices that harmed consumers, punished responsible investors, shook the foundation of our markets, and left our economy reeling.

"Wall Street reform is a critical part of our effort to rebuild our economy, create jobs, restore the flow of credit to Main Street and small businesses, and establish the building blocks of financial security and stability for hard-working families nationwide."

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Background on the Wall Street Reform and Consumer Protection Act

" Establishes a Consumer Financial Protection Agency to help ensure that loans, mortgages, and credit card agreements are fair, understandable, and affordable.

" Ends the predatory lending practices that led to the financial meltdown.

" Prevents costly taxpayer bailouts.

" Imposes tougher restrictions that end the riskiest financial practices.

" Brings accountability to the corporate boardroom by empowering shareholders to have a say on reining in egregious executive pay and bonuses.