Washington, D.C. — U.S. Rep. Bob Etheridge (D-Lillington) released the following statement today on the President’s signing of the Wall Street Reform Law:
“As a former North Carolina small businessman, I have always believed in America’s free enterprise system. However, common sense rules are needed to protect North Carolina families from abuse. We were brought to the brink of a Great Depression because greedy Wall Street bankers gambled with the life savings of American families and cost us 8 million jobs, and this bill puts cops on the beat to prevent disaster in the future.
“This new law replaces the culture of lawlessness on Wall Street with common-sense rules of the road that reflect the values of folks in North Carolina.
“This law includes tough new Wall Street reforms to rein in Big Banks and their excessive bonuses, end bailouts, and prevent the creation of financial giants that are ‘too big to fail.’ It will enable North Carolinians to make informed decisions on home loans and credit cards; and better protect their financial future from Wall Street.”
The bill signed into law today enacts the toughest set of Wall Street reforms in generations and the strongest consumer protections in history. It also brings transparency and accountability to the financial system and comes nearly two years after Wall Street’s failures sent the economy into the worst recession since the Great Depression and bankrupted hundreds of thousands of North Carolina families.