Sestak Hails Sweeping Wall Street Reform Law

By SESTAK FOR SENATE

MEDIA, Pa. – U.S. Senate candidate Joe Sestak today applauded final passage of the most sweeping financial reforms in American history. The legislation, which cleared the Senate last Thursday and was signed into law this morning by President Obama, will provide long-overdue protections against the reckless Wall Street practices that caused the recession.

“Today, with a stroke of his pen, President Obama affirms our steadfast commitment to protect the American people from the worst excesses of Wall Street,” said Joe. “Through this critical effort, we stand up to the powerful financial institutions that have gambled away too many retirements, college funds and life savings. It is a victory for working families over powerful Wall Street special interests. This bill puts in place critical reforms to protect consumers and small businesses across Pennsylvania.”

Meanwhile, the bill’s opponents, like Congressman Toomey, continue to put profit before people. Toomey would allow high-powered executives to gain while shops close and homes are auctioned off. He helped write the bill that broke down the firewall between savings banks and risky investment firms which eventually led to the current economic crisis. Now once again, he stands with Wall Street special interests to block this critical reform legislation designed to protect the American taxpayer.

This issue marks one of the starkest contrasts between the two candidates in this Senate race. While Joe Sestak applauds the new law, Congressman Toomey said last week that the legislation is “a badly flawed bill,” and scolded reporters for even bringing it up, according to Talking Points Memo.

“Congressman Toomey’s opposition to this new law ignores the harsh reality facing all those Americans who have lost their livelihoods,” said Sestak campaign spokesman Jonathon Dworkin. “Once again he stands on the side of Wall Street. We don’t need another ideologue to support special interests. We need sensible, pragmatic solutions, and signing this bill into law is one of them.”

Congressman Toomey has yet to explain why he opposes:

Independent Consumer Protections with a new independent watchdog to provide clear and accurate information to Americans about credit cards, mortgages and other financial products, while putting in place strict laws against abusive practices like hidden fees and deceptive transactions;
An End to “Too Big to Fail” Institutions with methods to safely liquidate financial firms like those that threw our economy into chaos;
Greater Assurances for Investors by instituting new rules for transparency and accountability for credit rating agencies;
Eliminating Loopholes that Allow Abusive Practices with greater transparency and accountability for over-the-counter derivatives, hedge funds, mortgage brokers and lenders; and
Shareholder Say on Bonuses that increases accountability for executives through a non-binding vote on compensation and other benefits.

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