AFR Blasts Republicans For Blocking Debate

Washington, DC – Americans for Financial Reform released the following statement following the vote this evening in the Senate on Financial Reform

Heather Booth, Director, Americans for Financial Reform: “Eight million Americans lost their jobs because of the recession caused largely by the reckless behavior of the Big Banks. Over a year and half later, instead of allowing a debate on the financial reform legislation that will help rein in Wall Street and protect consumers, this evening Republicans, joined by Senator Nelson, decided to march in lock-step in defense of the big banks.

Let’s be clear: the winner tonight is the Big Banks. They have spent millions and millions of dollars to derail and kill this bill. Let us also be clear: the loser tonight is not the Democratic Party or the Republican Party, it is the American people who will continue to be left to the mercy of the Big Banks.

AFR, and our 250 coalition partners, will continue to work day and night until real financial reform legislation is taken up, debated and signed into law by the President. If Republicans think this is the end of this issue, they are sorely mistaken.”

Nancy Zirkin, Executive Vice President for The Leadership Conference on Civil and Human Rights: “Sadly, for the American public, the opponents of reform chose to side with the Big Banks and block the debate tonight.  Unfortunately for the bankers and their proxy voters in the Senate, this will not be the end of this issue. Joining with AFR, the civil rights community will continue to work to ensure that the will of the people is not defeated by corporate lobbyists and campaign contributions. We will continue to work for the interests of Main Street and working families until President Obama signs real financial reform into law.”