Wednesday
Apr212010
Senate Democrats Tout Major Provisions Within Wall Street Reform
Wednesday, April 21, 2010 at 6:30PM
By Chingyu Wang
Talk Radio News Service
A collection of Democrats along with small business advocates said Wednesday that the Wall Street reform bill is the only way to save the U.S. economy, and emphasized that the proposed Consumer Financial Protection Agency is central to reform.
Frank Knapp, President and CEO of the South Carolina Small Business Chamber of Commerce, said that without Wall Street reform, "'Too Big To Fail' banks will be back to the old greedy, irresponsible, even fraudulent ways, and it'll fail us all once again."
Sen. Michael Bennet (D-Colo.), on the other hand, pointed out that the Consumer Financial Protection Agency in the bill will ensure fair competition in the market.
"[It is] common sense regulation to make sure that all businesses in this country are able to compete against each other fairly," he said.
Senate Majority Whip Dick Durbin (D-IL) claimed that "the strongest consumer financial protection in the history of the United States" will expose hidden risks within the financial sector, and will "guarantee that mortgages won't explode!"
Sen. Jack Reed (D-R.I.) added that he is hopeful the bill will make its way to the Senate floor by Monday.
Talk Radio News Service
A collection of Democrats along with small business advocates said Wednesday that the Wall Street reform bill is the only way to save the U.S. economy, and emphasized that the proposed Consumer Financial Protection Agency is central to reform.
Frank Knapp, President and CEO of the South Carolina Small Business Chamber of Commerce, said that without Wall Street reform, "'Too Big To Fail' banks will be back to the old greedy, irresponsible, even fraudulent ways, and it'll fail us all once again."
Sen. Michael Bennet (D-Colo.), on the other hand, pointed out that the Consumer Financial Protection Agency in the bill will ensure fair competition in the market.
"[It is] common sense regulation to make sure that all businesses in this country are able to compete against each other fairly," he said.
Senate Majority Whip Dick Durbin (D-IL) claimed that "the strongest consumer financial protection in the history of the United States" will expose hidden risks within the financial sector, and will "guarantee that mortgages won't explode!"
Sen. Jack Reed (D-R.I.) added that he is hopeful the bill will make its way to the Senate floor by Monday.
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