From Congresswoman Carol Shea-Porter : Congresswoman Carol Shea-Porter issued the following statement after voting against H.R. 992, legislation that would repeal key provisions of Wall Street Reform by allowing America’s biggest financial institutions to take on more risk in the derivatives markets: “Just as I voted against the bank bailout of 2008 because it was an enormous gift to Wall Street, I voted against this bill because it reflects the same failed policies that led to the Wall Street bailout. The idea that the market will solve all our problems if we simply remove regulations for Wall Street and slash taxes on corporations was wrong when it crashed our economy, and it’s still wrong today. “This legislation is riddled with bad ideas, but that’s not surprising since it was partly written by Citigroup lobbyists. This bill would allow America’s biggest banks to take on more risk with no extra oversight. And worst of all, it could increase taxpayer exposure to another bank bailout. “It’s time for Washington to stop deferring to Wall Street and start focusing on Main Street.”
Posted on: Thu, 31 Oct 2013 01:59:48 +0000
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