Today, Congressman Scott Murphy (NY-20) released the following statement after attending the bill signing for the Wall Street reform bill:
"Today, I was proud to join the President as he signed the Wall Street reform bill into law. This new reform will end taxpayer bailouts, protect consumers and stabilize the credit market so our small businesses can grow. When Wall Street melted down more than two years ago, our economy was devastated. And when the big banks failed, they brought down the rest of our economy and left millions of people without jobs and our economy in a prolonged recession. The legislation signed into law today will put protections in place to help prevent another meltdown.
"Today is also a big win for small businesses. I wrote a commonsense provision included in the final reform package that will free up additional capital for small business. As a small businessman, I understand the frustration of business owners who were unable to earn interest on their business checking accounts because of an outdated 1933 law. By getting government out of the way and removing that outdated law, small businesses will now be able to use that additional capital to spur growth and create jobs.
"This legislation will ultimately strengthen the economy, bring transparency and accountability to our financial markets, and ensure that Main Street will never again be forced to bail out Wall Street."
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 The legislation would simply repeal an outdated law that prevents small business owners from earning interest on business checking accounts.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 on June 30, 2010, and signed into law on July 21, 2010.