For Immediate Release

May 20, 2010

Washington, DC – Americans for Financial Reform issued the following statement regarding the Senate’s cloture vote, setting the stage for an up-or-down vote on legislation to hold Wall Street accountable, end the casino economy and protect consumers from financial tricks and traps.

Heather Booth, Director, Americans for Financial Reform: “Today the Senate took a major step forward on this historic Wall Street reform bill that will hold big banks accountable for costing 8 million Americans their jobs and bringing our economy to the brink of a collapse. The big Wall Street banks are fighting every step of the way to weaken and defeat this bill.  Even as the big banks and their buddies in the Senate see the train is leaving the station on Wall Street reform, they are lying down on the tracks, trying to block the engine. While their appalling defense of the big banks has become a predictable pattern, it’s no more tolerable each time it happens.

“The Senate bill stops banks from recklessly gambling with our money and sheds light on the behind-the-scenes deals that went on at places like Goldman Sachs.

“The bill needs to be further strengthened in negotiations with the House. There are still important issues to be addressed.  These changes include Senator Cantwell’s language on derivatives and the Reed-Grassley language to make sure private equity managers are regulated. These measures are important to make sure that reform will function as it needs to and loopholes are completely closed.  We need the strongest bill possible. We applaud our Senate champions who are fighting for reform.”

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