Dingell on House Passage Wall Street Reform & New Consumer Protections

Washington, DC - Congressman John D. Dingell (D-MI15) made the following remarks after the House of Representatives passed The Dodd-Frank Wall Street Reform and Consumer Protection Act. This bill will end the era of abuses by “too big to fail” banks that have cost the American people 8 million jobs and $17 trillion in retirement savings and net worth.

“Back in 1999, I delivered full-throated opposition to the repeal of the Glass-Steagall Act. I said then – and it is true now – that taxpayers would be called upon to foot the bill to break up the gargantuan banks that the repeal of Glass-Steagall would create. Less than ten years later, we had to bail out the monstrosities that through avarice and blind risk-taking brought our nation to its knees economically. Tonight, we are sending a message to the financial services industry: no more bailouts. We’re telling Wall Street it can no longer look to the American taxpayers or Congress to cover its bad bets. My colleagues and friends, Barney Frank and Chris Dodd, have shown remarkable courage and persistence in putting together this bill. I strongly support it and call on both the Congress and regulators never again to allow a lack of vigilance to bring our Nation’s economy to the brink.”

To see Congressman Dingell’s comments, click here.

Representative John Dingell

Representing the 15th Congressional District of Michigan

Dingell on House Passage Wall Street Reform & New Consumer Protections

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