Representatives Jim Himes (CT-4) and Melissa Bean (IL-8), Co-Chairs of the New Democrat Financial Services Task Force, and other leaders of the New Democrat Coalition joined President Obama at the White House today to support his proposed reform of the regulations governing financial services. The President's plan includes many of the principles advocated by the New Dems earlier this year.
"The President's plan recognizes that effective regulation does not need to come at the expense of growth and innovation," said Congressman Himes. "We need credit to fund our businesses, to buy our homes, and to send our kids to college, but we cannot afford the risks and leverage that so-damaged our economy."
The coalition of 69 moderate, pro-growth Democrats has advocated for reform that will restore market stability and confidence and work to avoid the kind of system-wide collapse - and subsequent government intervention - that occurred last fall, while not stifling market growth and innovation. The Coalition joined the President at his White House announcement today to support the embodiment of those principles in his proposal.
"President Obama's plan aligns with key NDC priorities, balancing the need to monitor systemic risk with a structure that will allow risk-taking and innovation," said Congresswoman Bean. "Reforming our financial regulations is vital to preventing a repeat of last fall. With these common-sense rules proposed today, we will restore confidence and market stability and we can prevent the kind of massive government intervention that was necessary last year, but that nobody wants to do again."
Last February, the New Dems Financial Services Task Force released 21 principles for regulatory reform. Two of those principles, mortgage reform and foreclosure avoidance, have already been passed by Congress. Thirteen are included in today's proposal from the White House