Pelosi Statement on House-Senate Conference Report on Wall Street Reform and Consumer Protection Act

Jun 25, 2010, 13:05 ET from Office of the Speaker of the House

WASHINGTON, June 25 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today after a joint House-Senate conference committee completed its work on the Dodd-Frank Wall Street Reform and Consumer Protection Act:

"Congress has responded to the worst financial crisis in 70 years by moving one step closer to sending to the President for his signature the toughest regulation of Wall Street in generations – restoring common sense after a decade of recklessness.

"Despite overwhelming opposition from Congressional Republicans and relentless lobbying by special interests, Congress will enact historic legislation that brings transparency to our financial markets, tough oversight to Wall Street, and consumer protections to Main Street. The legislation will end the era of taxpayer-funded bailouts and too-big-to-fail financial firms, and it will be fully paid for, with Wall Street footing the bill.

"This law will send a clear warning: no longer will we allow recklessness on Wall Street to cause joblessness on Main Street.

"I commend conference Chairman Barney Frank for his leadership and masterful shepherding of the conference. And I thank House Chairman Collin Peterson and all the Democratic conferees for their commitment to a strong bill and their dedication to America's consumers."

SOURCE Office of the Speaker of the House