AU: Democratic-Led Congress Delivers Major Victory for Main Street with Passage of Wall Street Reform

July 15, 2010

Lauren Weiner, 202-470-5870
Jeremy Funk, 202-470-5878

Democratic-Led Congress Delivers Major Victory for Main Street with Passage of Wall Street Reform

Republican Leader Boehner Already Calling for Its Repeal on Behalf of His Party’s Wall Street Donors

Washington DC – The Wall Street Reform and Consumer Protection Act is on its way to the President’s desk thanks to the Democratic-led Senate. Today’s victory for Main Street came despite a Republican attempt to block the vote today and enormous opposition from the financial industry, which spent $1.4 million a day to kill reform. Americans United for Change executive director Tom McMahon issued the following statement:

“This is a day no big bank CEO, hedge fund manager, or lobbyist will soon forget.  It’s a new day for transparency and accountability on Wall Street and a new era of protection for the American consumer from the recklessness and greed that crushed the economy.

“Following the passage of a Recovery Act that has since saved or created as many as 3.6 million jobs and the Affordable Health Care Act that is reining in insurance company abuses, today also marks the latest in a series of major steps this Democratic-led Congress has taken to clean up the incredible economic mess left behind by the previous administration and to build a solid foundation for economic growth and stability.  Majority Leader Reid and Speaker Pelosi deserve a lot of credit for once again getting the job done despite extremely powerful special interests pushing back at every turn.  Big Bank lobbyists out to kill reform swarmed the halls of Congress for months, literally outnumbering pro-reform lobbyists 11-1.

“Remarkably, Republican leaders John Boehner and Mitch McConnell both saw the financial crisis as nothing more than an opportunity to shake down Wall Street CEOs for more campaign cash.  Desperate to keep the checks coming, Minority Leader Boehner went so far as say the problems on Wall Street, which left 8 million Americans without jobs and evaporated $17 trillion in retirement savings, were no bigger than an “ant.” And even before the gavel went down in the Senate on the Wall Street reform bill, there was John Boehner dutifully calling for its repeal on behalf of his deep-pocketed friends.  A more sparkling example of the backwards-looking, Bush-era priorities Republicans would pursue if back in power you will never find.”