Treasury Secretary Jack Lew’s Strong Support for Financial Reform is Welcome News

Jul 17 2013 - 12:14pm

Treasury Secretary Jack Lew’s Strong Support for Financial Reform is Welcome News
 
“Treasury Secretary Jack Lew’s strong support for financial reform today is welcome news to the American people as we approach the 5th anniversary of the collapse of Lehman Brothers and the worst financial collapse since 1929. He is right that the record earnings at the largest U.S. banks prove their non-stop ‘sky-is-falling’ complaints about financial reform have been baseless. Wall Street’s reckless trading and investments killed economic growth and employment, not financial reform designed to prevent that from happening again,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.
 
“We also welcome Secretary Lew’s pledge that he and the entire administration are committed to implementing the remaining provisions in the financial reform law by year’s end. Those actions are overdue and critical to protect U.S. taxpayers, our financial system and the entire economy from excessive risk taking on Wall Street,” Mr. Kelleher said.
 
“Secretary Lew’s remarks are a good start, but strong words must be followed by stronger action. Quantity and speed must not be allowed to substitute for quality. The financial reform work that must still be finished needs to genuinely and fully protect U.S. taxpayers and Main Street, not just Wall Street profits. It is past time to ensure that Wall Street never again threatens Main Street. Secretary Lew must now ensure that becomes a reality,” Mr. Kelleher concluded.
 
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Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com