Ted Kaufman - United States Senator for Delaware

Kaufman Statement on Wall Street Reform Legislation

May 20, 2010

WASHINGTON, DC – Senator Ted Kaufman (D-DE) released the following statement Thursday night after voting in support of Wall Street reform legislation:

“I am disappointed the Senate did not pass a stronger bill. However, I applaud Chairman Chris Dodd and my colleagues for having crafted a bill that includes many provisions that I support, in particular the establishment of a Consumer Finance Protection Bureau and urgently needed reforms of the over-the-counter derivatives markets.  These are legislative achievements that will significantly improve our financial system.
 
“After six months of effort, the Senate, with the help of only four Republicans, passed as much meaningful financial reform as was possible.  From the very beginning, Senators on the other side of the aisle have done everything they could to stall, delay and oppose Wall Street reform.
 
“For the past four months I have addressed at length what I believe to be the central answers to preventing future financial crises:  Passing laws that will stand for generations to ensure financial stability by separating speculative risky activities from the government-guaranteed portion of our financial industry, as well as mandating limits on the size and leverage of our shadow banks.  Instead, this bill relies on regulatory discretion to decide limits on the size, leverage and activities of dangerously concentrated financial institutions.  I remain very concerned about these issues and strongly urge Congress to revisit them before another financial crisis – like the one unfolding today in Europe – visits our shores.
 
“I will be watching carefully against any weakening of the bill in conference.”

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