Washington, DC--Congressman Eliot Engel (D-NY-17)hailed President Obama as he signed the Wall Street Reform and Consumer Protection Act to end taxpayer bailouts and ‘too big to fail’ financial institutions.  It will also provide key protections for consumers and small businesses, while also providing safeguards to ensure the New York economy will not suffer as home of the financial industry.  

The Wall Street Reform and Consumer Protection Act is the most sweeping piece of Wall Street reform legislation in decades.   This landmark reform will end the era of abuses by big banks that have cost the American people 8 million jobs and $17 trillion in retirement savings and net worth, and create a consumer financial protection bureau that finally puts American consumers first. 

“For eight years, President Bush and his Republican allies preached the gospel of deregulation while corporations and big banks gambled with our money – compromising our savings, our jobs, and our future.  They have stood against reform rather than with working families and small business owners.  These behaviors stop now. This new law will hold financial companies and big banks accountable and end taxpayer bailouts once and for all.

“Poor decisions by the financial industry forced us into making hard decisions.  Especially those of us who represent New York, with Wall Street a huge part of our city and state economy, and we had to ensure both are protected.  The law as written does not adversely affect New York jobs and economy.  Jobs will not be sent overseas by banks and credit default swaps and other risky derivatives will be separated from banking institutions, while traditional banking activities, such as loans, will still be allowed.

“In voting against the bill and now advocating its repeal, Washington Republicans have shown they are on the side of big banks.  After years of their failed policies, we can’t go back.”

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