AFR Statement on House 2011 Continuing Resolution

DATE: February 12, 2011

CONTACT: John Carey at 202-466-1854

AFR Statement on House 2011 Continuing Resolution

Washington, DC – Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong financial reform, issued the following statement today:

The proposed 2011 House Continuing Resolution increases the danger of a repeat of the financial crisis by depriving the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) the resources they need to ensure the safety and integrity of our financial markets.

Last year, President Obama signed into law legislation to rein in Wall Street excesses and restore the financial safety and stability on which the country’s economic well-being depends. But the legislation cannot work if there are no cops on the beat to enforce the laws. Starving the CFTC and the SEC is a prescription for disaster.

The American public overwhelmingly supports Wall Street reform. They do not want to see the increased transparency and accountability for big Wall Street banks we desperately need undercut. They do not want to see backhanded attempts to undo progress by starving the actions necessary for implementation. By cutting funding for the SEC and CFTC, this budget undermines efforts to repair our nation’s financial system, establish integrity in the financial markets, and facilitate productive economic activity for the benefit of the general public.