Press Release

For Immediate Release
July 21, 2010

Washington, D.C. — Today, Congressman Joseph Crowley (D-Queens, the Bronx), one of nine chief deputy whips, joined President Obama at the signing ceremony for the Wall Street Reform and Consumer Protection Act (H.R. 4173). Crowley issued the following statement in support of the enactment of H.R. 4173:

“I was honored to join President Obama at today’s historic bill signing. As a native New Yorker, I am proud of our city’s standing as the financial capital of the world. However, if we are going to sustain our leadership and keep our economy the strongest in the world, we must put in place measures to ensure there is never a repeat of the problems that nearly broke America’s economy in 2008.

“This effort is about protecting American consumers and their investments and keeping our financial sector solvent, transparent and accountable.

"As of today, gone are the days of TARP, taxpayer-funded bailouts for banks and Wall Street, and the irresponsible practice of allowing people to purchase homes they could never afford. America’s financial future is no longer a game of ‘heads’ big business wins; and ‘tails’ American taxpayers lose.

“This bill will empower regulators and protect taxpayers through oversight and transparency requirements for the financial industry and strong new consumer protections. It is about ensuring that the savings and investments of American families and small businesses are protected from the abusive practices that fueled the crisis.

“The Wall Street Reform Act is better for the American people, the economy and our future. I look forward to working with my colleagues in Congress to swiftly and fully enact this landmark legislation.”

Congressman Crowley is a six-term member of the U.S. House of Representatives. He sits on the powerful Ways and Means Committee and serves as Chair of the New Democrat Coalition, which played a prominent role in shaping the Wall Street Reform Act to protect American consumers and ensure American businesses and workers can continue to grow, innovate, and compete in the global marketplace. 

###