Washington, D.C.--Congressman Eliot Engel issued the following statement in response to President Barack Obama’s proposal for a broad financial oversight plan.

“It has become obvious that our financial system is in dire need of an overhaul, in light of the near catastrophe we experienced last fall and remaining recession left in its wake. The President inherited a situation which required bold action, and I believe his action taken today moves in a bold direction. I anticipate a robust debate between Congress and the White House, and especially between Republicans and Democrats. However, I think that everyone involved shares the opinion that the status quo is unacceptable.

“Our financial system has been designed to deal with 21st Century issues while using regulations put in place prior to World War II. The failures were not the fault of one person, or one Administration, or one entity, but the need for changing outmoded regulations is overdue. We must have the ability to regulate and monitor those institutions whose failure would be catastrophic to our economy. We must also ensure that smaller banks, individual investors and credit card holders have their rights protected. I think President Obama has outlined a plan that addresses these issues.

“The coming weeks will shine more of a light on the President’s new roadmap for the financial system. We must put in place the best possible regulatory framework so that we can move forward as quickly as possible and not be in danger of repeating the errors made in the past.”