Press Release

FOR IMMEDIATE RELEASE
December 28, 2009

Congressman determined to ensure that everyday Americans receive the same attention as Wall Street.

(Washington, DC) - Congressman Elijah E. Cummings (MD-7) was pleased to be invited to meet this morning with Federal Reserve Chairman Ben Bernanke, to discuss the Fed's future plans for economic recovery. In a meeting that lasted well over an hour, Congressman Cummings spoke with Chairman Bernanke about the importance he feels must be placed on the recovery of everyday Americans, in addition to restoring the stability of the financial system.

"I am glad Chairman Bernanke and I were able to meet to discuss the concerns we both have, regarding the recovery and economic future of the nation," said Cummings. "He agreed with my feelings that the Federal Reserve, along with all our financial regulatory bodies, must keep the needs of Main Street at the forefront of our thoughts when regulating Wall Street."

Cummings encouraged Chairman Bernanke and the Fed to continue to utilize everything in their financial arsenal to combat unemployment, and decrease foreclosure risk. He also stressed the importance of education, particularly important job training efforts that can lead to an innovative workforce.

Cummings said he and the Chairman had a productive and open discussion about the state of the U.S. economy, the policies impacting the recovery, failures that occurred in regulation and oversight of the financial system and the tools necessary to prevent a future crisis.

Bernanke identified three major improvements that could be made, which Congressman Cummings would also like to see. First, creating a systemic risk identification and control organization. Second, consolidating the regulation of large firms with multiple business units, e.g., a bank, broker-dealer, and consumer finance unit all as part of the same firm. Finally, resolution authority that ensures that "Too Big to Fail" is no longer the de facto outcome for large financial firms.

Both Congressman Cummings and Chairman Bernanke agreed that capitalism offers both an upside and downside. Both believe regulatory policies must ensure that firms face consequences to risk-taking behavior and, should a firm fail, that failure not threaten the viability of the system as a whole.

Congressman Cummings was pleased with the discussion, and felt it will greatly aid his ability to be an effective member of both the Joint Economic Committee and the House Oversight and Government Reform Committee, as both groups try to continue and improve our economic recovery.

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