Pelosi Statement on President Obama's Proposed New Restrictions to Rein in Financial Institutions

Jan 21, 2010, 17:20 ET from Office of the Speaker of the House

WASHINGTON, Jan. 21 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today on President Obama's proposal for new restrictions on the size and scope of banks and other financial institutions as a way to rein in excessive risk taking, protect taxpayers, and prevent another financial crisis:

"The American people rightly expect their government to protect them against having to pay for Wall Street's excesses. Today, President Obama met that expectation head on. The President's proposals, which prevent banks from taking advantage of consumer deposits by placing risky bets and limiting the excessive growth of large financial firms, are what taxpayers demand and deserve.

"Congress will continue to work with the President to enact common-sense reforms to our financial system, so that taxpayers will never again have to bail out Wall Street.

"In December, the House passed the Wall Street Reform and Consumer Protection Act, which brings transparency and accountability to our financial system, protects consumers from predatory lending practices, fosters corporate responsibility, and ends taxpayer-funded bailouts. This legislation already includes a provision authored by Congressman Paul Kanjorski of Pennsylvania that is similar to the President's proposal to limit consolidation in our financial sector. Every Republican in the House voted against the legislation - siding instead with Wall Street instead of Main Street.

"We look forward to working with the President and the Senate in enacting these common-sense reforms into law and we hope that Republicans will join us in that effort."

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SOURCE Office of the Speaker of the House