Today, Congressman Scott Murphy (NY-20) helped pass the Wall Street Reform conference report. Once passed by the Senate, the bill will go to the President's desk to be signed into law. This legislation will protect taxpayers and ensure that Main Street will never again have to bail out Wall Street. The final conference committee report included the Murphy provision to help small businesses by repealing an outdated law prohibiting them from receiving interest on checking accounts.
"Two years ago our economy was devastated when Wall Street collapsed. Not only did the big banks fail, but they brought the rest of the economy down with them and forced middle class Americans to bail them out with taxpayer dollars. That collapse has left millions of people jobless and our economy in a prolonged recession.
"I came to Congress a year ago as a small businessman to solve problems, and one of the critical problems facing the United States right now is how to regulate our financial industry. That is why I am proud to have taken this critical step to ensure that never again can Wall Street melt down and leave Main Street to pay the price. By ending taxpayer bailouts for big banks and creating strong consumer protections, we will not only strengthen our economy, but hold Wall Street accountable. Over the past decade, Washington failed to regulate our financial markets and we can never let that happen again.
"This bill will protect consumers and help small businesses create jobs as they lead our economy back along the road to recovery.
"This is about more than just reform. It's about strengthening the system, strengthening the economy, and strengthening all of us in this country."
Leveling the playing field for small businesses: On November 7, 2009, Scott Murphy introduced H.R. 4067, The Business Checking Fairness Act. The legislation would simply repeal an outdated law that prevents small business owners from earning interest on business checking accounts. The bill has 25 co-sponsors and was included as an amendment to H.R. 4173, The Wall Street Reform and Consumer Protection Act, which passed the House on December 11, 2009 by a vote of 223 to 202. The provision was also included in the final conference report which was passed by the House today.
When it was introduced, Brad Close, VP of Public Policy with the National Federation of Independent Businesses (NFIB) said: "We appreciate Congressman Murphy going to bat for small businesses and introducing The Business Checking Fairness Act. The Business Checking Fairness Act will help level the playing field between big and small businesses, and we look forward to working with Congressman Murphy to get his bill enacted into law."