WALL STREET REFORM REACHES FINAL STRETCH

WASHINGTON, DC – House Majority Whip James E. Clyburn today released the following statement after the House-Senate Conference Committee reached a final agreement on the Wall Street reform bill. This legislation is the most comprehensive and consumer friendly financial reform since 1933.
“Wall Street reform is an important step in our path to recovery. This legislation creates a new Consumer Financial Protection Agency, limits the fees banks can charge merchants to process debit-card transactions, empowers oversight bodies like the Securities and Exchange Commission, and helps to dismantle 'too big to fail' firms. In short, Wall Street reform prevents the irresponsible behaviors and practices that led to the financial crisis.

“While Democrats worked to find a way to restore responsibility and accountability to Wall Street, Congressional Republicans once again chose to defend Wall Street instead of Main Street. I look forward to passing this historic legislation next week and sending it to President Obama to make it the law of the land.”