Today, Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement following House passage of the House-Senate Conference on the bill to bring accountability to Wall Street.
The bill ends too big to fail bailouts, creates a new consumer financial protection watchdog, sets up an early warning system to protect our economy from future threats, and brings transparency and accountability to exotic instruments such as derivatives.
“I congratulate the House on being the first to pass the Wall Street Reform and Consumer Protection Act. Chairman Frank has done a tremendous job over the past year and half guiding these reforms through the House. He is often called one of the smartest and hardest working representatives, and this bill required both of those attributes in spades.”
“Both the House and Senate had strong bills to protect Main Street from Wall Street, but in the eight days and nearly seventy hours we spent in conference together we made it stronger still. I thank my House colleagues and their leadership for all of the contributions they have made.”
“Today, the House of Representatives had the courage to stand up to Wall Street and vote to end bailouts, to end TARP, to protect consumers, to protect our economy from future threats, and to eliminate loopholes that allow risky and abusive practices to go on unnoticed and unregulated.”
“Today is a proud day for the House of Representatives, and I am anxious for the Senate to join them soon.”
