On Voting “No” on Ending Debate on the Financial Regulatory Reform Bill

For Immediate Release

Senator Russ Feingold
Contact: 

Zach Lowe (202) 224-8657

On Voting “No” on Ending Debate on the Financial Regulatory Reform Bill

WASHINGTON - “After
thirty years of giving in to the wishes of Wall Street lobbyists,
Congress
needs to finally enact tough reforms to prevent Wall Street from driving
our
economy into the ditch again.  We need to eliminate the risk posed to
our economy by ‘too big to fail’ financial firms and to reinstate the
protective firewalls between Main Street banks and Wall Street firms. 
Unfortunately, these key reforms are not included in the bill.  The test
for this legislation is a simple one - whether it will prevent another
financial crisis.  As the bill stands, it fails that test. 
Ending debate on the bill is finishing before the job is done.”

In
1999, Senator Feingold was one of eight senators to vote against
legislation
tearing down the firewall between Main Street banks and Wall Street
investment
banks and insurance companies. In 2008, Feingold opposed the Wall Street
bailout in part because it failed “to
reform the flawed
regulatory structure that permitted this crisis to arise in the first
place
.”

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