Patrick Murphy Applauds Signing of Wall Street Reform Legislation

Statement

By:  Patrick Murphy
Date: July 21, 2010
Location: Washington, DC

Today, following President Obama's signing of comprehensive Wall Street Reform legislation, Pennsylvania Congressman Patrick Murphy (D-8th District) released the following statement:

"Today's signing of Wall Street Reform sends a message to Big Banks that it's no longer business as usual. American families have been put through the wringer. Years without accountability for Wall Street and Big Banks cost us 8 million jobs. Families have seen their 401(k)s devastated and college savings accounts evaporate.

The new law puts in place commonsense rules to ensure that Wall Street can never again play Russian Roulette with our futures. It reins in Big Banks and their outrageous bonuses, puts an end to bailouts, and protects and empowers consumers to make the best decisions on homes, credit cards, and their own financial future.

These reforms -- the most significant since the Great Depression -- provide transparency within our financial system to ensure that our economy is never again held hostage by recklessness on Wall Street."