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Perriello Statement Opposing Financial Regulation Bill


Location: Washington, DC

Today, Congressman Tom Perriello opposed the conference report of H.R. 4173, the financial overhaul bill, and released the following statement:

"This bill does not end "too big to fail.' Period. Addressing catastrophic risk in the economy without hard limits on leverage is like trying to hold water with a net. This bill did too much to restrict responsible actors, like our community banks and credit unions, while letting the biggest players continue to gamble with Americans' retirement savings and housing values. The Republicans mastered the collusion between Washington and Wall Street that brought us to the brink of economic collapse, and the Democrats can't just be a kinder, gentler version of corporate capture. While there are many positive reforms in this legislation that would protect American consumers, I could not support a bill with loopholes large enough to drive the next recession through."

"We appreciate Rep. Perriello recognizing that this bill would be overly burdensome for Virginia's community banks, making it difficult for them to lend to small businesses that are the engine of our economy," said Bruce Whitehurst, CEO of the Virginia Bankers Association.

"We appreciate Rep. Perriello's thoughtful consideration of constituents' views when he decided how to vote on the Wall Street reform act. He made time for credit union constituents from the 5th District to meet with him in Washington to discuss how deeply they felt that part of that bill would hurt credit union members. Rep. Perriello asked us good questions, and kept his constituents' concerns in mind when casting his vote. Thank you Congressman Perriello for listening to your constituents," said Suzanne Hughes, a Fifth district credit union constitutent.

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