DNC Chairman Tim Kaine Celebrates President Obama's Signing of Historic Wall Street Reform Legislation

WASHINGTON, July 21 /PRNewswire-USNewswire/ -- Today, President Obama signed Wall Street reform legislation into law.  Following the signing ceremony, DNC Chairman Tim Kaine issued the following statement: 

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"Today, President Obama put the final stamp of approval on historic reform that will rein in risky Wall Street practices, reward sound financial practices, and lay a solid foundation for Main Street growth. 

"I want to thank President Obama and Democrats in Congress for their leadership on this issue and their efforts to pass reform that will make a difference in the lives of Americans. 

"As a result of Democrats' unceasing efforts, Americans will now have protection against unfair practices and greater access to information they need to help make the right financial choices for their families.  The types of financial practices that helped lead to the economic crisis will be regulated and brought into the light, and American taxpayers will no longer be left holding the bag for Wall Street's bad bets.

"This legislation is a major victory for the American people – but it didn't come without a battle.  For months, President Obama and Democrats in Congress fought against lobbyists, special interests and their Republican allies in Congress to enact the strongest possible reforms.  At every stage they were defeated by Democratic leaders who stood up for American workers and their families. 

"Republicans have made it clear that they intend to go back to the 'exact same agenda' that led some on Wall Street to use an 'anything goes' attitude that ended up eating into our savings, costing us millions of jobs, and endangering our economy.

"With the most sweeping financial regulatory reform since the Great Depression, Democrats will not allow Republicans to reward outsized risk, minimize protections for customers and small businesses, and leave taxpayers on the hook when those risks fail. 

"With Wall Street reform as the latest accomplishment of the most productive Congress in a generation, President Obama and Congressional Democrats have helped to put the country back on track.   We simply can't afford to go backward."

SOURCE Democratic National Committee