WASHINGTON, March 15 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement today on Senate Banking Committee Chairman Chris Dodd's proposal on Wall Street reform:

"Nearly two years after the financial crisis decimated the hard-earned savings, pensions and wealth of millions of American families, the time is long past for meaningful, comprehensive Wall Street reform.

"Senator Dodd's proposal is a positive step forward in heeding the call of Americans to safeguard the interests of Main Street and rein in the worst practices of Wall Street. Much of his legislation preserves the principles of the Wall Street Reform and Consumer Protection Act, passed by the House last December: restoring accountability and transparency to the financial sector; ending taxpayer-funded bailouts; and protecting consumers from financial gimmicks, predatory lending, and unnecessary risk.

"I commend Senator Dodd for his hard work and for putting forth a strong proposal. I look forward to Senate action on this critical issue, to ironing out the differences between our two bills in a House-Senate conference, and to sending the strongest possible legislation to the President's desk for his signature."

SOURCE Office of the Speaker of the House