Congressman Steve Kagen, M.D. issued the following statement today after President Obama signed the Wall Street Reform and Consumer Protection Act:
"Today, we have taken a positive step forward by making it official: there will be no more bank bailouts; no more bad loans to people who can't afford them; banks must pay for their own mistakes, not taxpayers; and the Federal Reserve comes under better control.
"We are restoring faith in our financial system by providing effective oversight and holding parties on Wall Street responsible for their actions. And, most importantly, consumers will now have someone working on their side- putting people first.
"I voted no to bailouts of Wall Street banks, and I worked hard on this legislation to make certain that the Big Banks will be forced to pay for their own mistakes - not taxpayers."
"Our message to Wall Street is clear: People are more important than profits. There will be no more bailouts; no more bad loans to those unqualified to receive them; and consumers will receive the protections they deserve."