DeLauro Praises Senate Passage of Wall Street Reform Legislation

Washington, DC – Congresswoman Rosa L. DeLauro (CT-3) celebrated the Senate passage today of the Wall Street Reform and Consumer Protection Act, landmark legislation which will put consumers first, rein in Wall Street and their irresponsible practices, and end taxpayer bailouts of big banks. The legislation will now go to the President for his signature.

Called the "strongest set of Wall Street reforms in three generations" by Elizabeth Warren, Chair of the nonpartisan Congressional Oversight Panel, this bill puts in place reforms to prevent the big Wall Street firms that caused the crisis from continuing to engage in business practices that crippled the economy while boosting responsible smaller community banks so critical to ensuring small businesses on Main Street thrive. It also creates a process for shutting down large, failing firms that would protect the rest of the economy.

"This bill is about common sense: restoring power to the consumers and ensuring that Wall Street's reckless behavior, which cost 8 million American jobs and $17 trillion in retirement savings and net worth, will never happen again," said Congresswoman DeLauro. "It was critical that we stood up for American families who have lost their jobs, their homes, and their life savings and reformed our financial system in the wake of this recession. This legislation is a great step forward in restoring our financial security."