AFR Stands With President Obama To Rein In The Big Banks

Washington, DC – Americans for Financial Reform released the following statement about President Obama’s proposal to limit the size and investments of big banks.

Heather Booth, Executive Director, Americans for Financial Reform: “Today the President has signaled the beginning of the end of “too big to fail” banks recklessly gambling with our retirement savings, mortgages and college funds. Spurred on by the promise of outrageous pay and profits, commercial banks were greedily speculating for their own accounts. When their gambles didn’t pay off, the American people were forced to cover their bets. We applaud President Obama for recognizing that preventing another crisis requires ending this failed experiment in deregulation.”

Heather McGhee, D.C. Director, Demos: “Today’s proposal falls in line with key recommendations from Americans for Financial Reform, such proposals including a ban on proprietary trading and limitations on the size of banks. Limiting the size and risk-taking abilities of our nation’s largest banks will make the financial sector more accountable and more competitive. The President has now drawn a line in the sand for Congress – stand with those greedy big banks that got us into this mess or demand transparency and accountability from Wall Street.”