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(Washington,
D.C.) – Today, U.S. Senator Patty Murray delivered a speech on the U.S. Senate
floor calling on Republicans to end efforts to delay Wall Street Reform
legislation. In her speech, Murray highlighted Republican efforts to work with
Wall Street to water down the bill to make it more acceptable to Wall Street.
“Instead
of fundamentally changing the financial rules of the road the other side wants
to build a speed bump,”
Murray said in her speech. “And pass a bill that neither reforms
Wall Street nor protects Main Street.
“I
fear that the obstruction and unwillingness to allow us to bring a bill to the
floor is simply their push to get a watered down bill that big banks can simply
side-step and ignore. A bill that has been rubber stamped by Wall Street
lobbyists and signed off on by special interests.”
This
afternoon, for the second time in a week, Republicans voted to block Wall
Street Reform legislation from even coming to the floor to be considered.
Senator
Murray’s full remarks follow:
Madame
President, yesterday afternoon we attempted to bring a bill to the floor that
finally holds Wall Street accountable. A bill that includes the strongest
protections for consumers ever enacted, an end to taxpayer bailouts, and tools
to give individuals the resources they need to make smart financial decisions.
It’s
a bill that ends Wall Street’s “anything goes” rules that have meant everyone
else pays. Unfortunately, what the “no” vote from the other side did yesterday
is it told us that they don’t want strong new protections that can’t be
ignored.
It appears
that they don’t want to hold Wall Street accountable for years of
irresponsibility and taxpayer funded bailouts. Instead of fundamentally
changing the financial rules of the road the other side wants to build a speed
bump and pass a bill that neither reforms Wall Street nor protects Main Street.
I
fear that the obstruction and unwillingness to allow us to bring a bill to the
floor is simply their push to get a watered-down bill that big banks can simply
side-step and ignore. A bill that has been rubber stamped by Wall Street
lobbyists and signed off on by special interests.
I
fear that the delay is really just an effort to figure out how they can
preserve the status quo and talk their way out of change. I fear that delay
is really about allowing special interests in Washington and bankers on Wall
Street to write a compromise bill, And I worry that just about everybody
has been invited to that table to write that bill except the American people.
And
that’s because the vast majority of Americans want to see the strong Wall
Street Reforms that we put forward passed. In fact, just yesterday the
Washington Post released a poll that shows that 63% of Americans want to see
stronger regulations of Wall Street enacted.
But
you know what – there is still a widely held view on Wall Street – and as
yesterday’s vote shows – with many in this chamber – that the voices of the
people can somehow be drowned out by big money and twisting the truth about
what’s in this bill.
Wall Street
still thinks they can get away with highway robbery, because for all too long…
they have. They think that they can pull a fast one on Main Street.
But
I’m here to tell them they can’t…they’re flat out wrong. And I know because I
got my values from Main Street.
Values
like that a good transaction is one that’s good for your business and for your
customer. And that an honest business is a
successful one. That customers are not prey and businesses are not predators.
We
learned that personal responsibility means owning up to your mistakes and
making them right.
And
believe me these values are strong throughout our country. They exist in small
towns like the one I grew up in and big cities in every one of our states. And
everyone who voted against moving forward with this bill yesterday going to
hear from the people who still hold these values dear.
And
I’m sure that they will tell you in no uncertain terms – it’s time to pass a
bill with strong reforms for a system that is out of control. That it’s time to protect consumers, to
end bailouts, to restore personal responsibility, and
bring back accountability.
Madame
President, I’m very hopeful that in the coming few days that all those who
voted “no” will move forward with us and listen to the hard working men and
women in this country so that we can put forward a strong reform bill and
protect the American people and the millions of people who’ve lost their job
and lost their security and lost their homes in the last few years from ever
having this happen again. Thank you.
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