Today, Rep. Eric Massa voted against H.R. 4173 on the grounds that it takes a one-size-fits-all approach to reforming the American financial system. Over the last several weeks, Rep. Massa's office has received dozens of calls from our area's small businesses, community banks and local credit unions with concerns about how this bill, which is supposed to address corruption on Wall Street, will affect their business on Main Street. Many rural communities, like New York's 29th Congressional District, rely on small community banks and credit unions to keep their small businesses growing and their workforces employed. The bill passed by a vote of 223-202.
"Today I voted to help the people who sent me to Washington," stated Rep. Massa. "I will not vote for a bill which I believe hurts my district and that's why I opposed the financial services bill today. This legislation takes a one-size-fits-all approach to regulating the financial services sector which will hurt rural districts like mine by over-regulating community banks and credit unions who, by the way, were not the cause of the collapse on Wall Street. Small businesses and workers in rural communities rely on their local community banks and credit unions to grow. I think we should focus on fixing the problems with Wall Street instead of over regulating the things that work on Main Street."