Congresswoman Seeks Increased Transparency and Accountability, End of "Too Big to Fail"
Congresswoman Shelley Berkley today called for swift action in Congress on a final package of reforms that will crack down on reckless Wall Street practices and protect consumers in Nevada and nationwide. Berkley voted in favor of The Wall Street Reform and Consumer Protection Act, which passedthe House 223 to 202 in December 2009. The House legislation must now be combined with a package approved this week by the U.S. Senate. Final legislation is expected to come before the House for another vote in the next few weeks.
"The predatory, greedy and irresponsible actions by some large institutions in the financial markets were a major cause of the worst financial crisis to hit Nevada and the nation since the days of the Great Depression. That is why we must enact a tough package of common-sense rules that will police the big banks and Wall Street and prevent them from putting the savings of Nevada families at risk through predatory lending and reckless investment strategies. This legislation should include the creation of a consumer protection agency with real teeth. The reforms I support will hold Wall Street and the big banks accountable, end future bailouts and create true transparency," said Berkley. "It's time we rein in financial firms that are 'too big to fail' before they again threaten America's economic future."