Deputy Secretary of the Treasury, Congressman Crowley Speak With Constituents About Administration's Financial Reform Plan

August 27, 2009
Press Release

(Bronx, N.Y.) —As the Administration intensifies its push for financial regulatory reform, Deputy Secretary of the Treasury Neal Wolin and Rep. Joseph Crowley (D-the Bronx, Queens) met today with constituents and local stakeholders to discuss the Administration’s plan to reform our outdated regulatory system. Standing side by side with many in Congress, the Administration is fighting to lay the foundations for a safer, stronger financial system.

“Last September, we experienced the most devastating month in financial history since the Great Depression,” said Deputy Secretary Wolin. “One year later, millions of Americans are still struggling with the consequences of that breakdown.  We are committed to doing everything possible to build a 21st century regulatory system that helps to keep our financial system strong and safe for the future.”

Said Congressman Crowley:  "New York City is the heart of the nation and world’s financial system.  Nowhere else has the financial crisis been felt more by both businesses and consumers alike than across New York City. The need to implement additional reforms to our financial system is clear. It will strengthen our local economy and bolster our ability to weather future economic storms.  I thank Deputy Secretary Wolin for joining stakeholders from the Bronx and Queens to discuss the Administration’s plans. I know this conversation will be the first of many about how we can work together to make sure our financial sector grows responsibly and successfully."

Putting strong emphasis on more effective consumer protections, the Administration has called for the creation of the Consumer Financial Protection Agency.  The CFPA will promote transparency and choice for consumers, while protecting consumers against the misleading and abusive practices that contributed to the financial crisis.  With 78 percent of American families using credit cards, 44 percent carrying a balance, and more than half of the high cost loans that contributed to the mortgage crisis having been made to middle-class families, the Administration believes it is time to give Americans the protection they deserve.

In addition to consumer protection, the Administration has put forth a comprehensive plan that strengthens the financial system by requiring financial institutions to hold more capital; by bringing previously unregulated markets, such as the derivatives markets, under robust supervision; and by giving the government the tools to manage the failure of large institutions so the government does not, in the future, have to choose between bailouts and financial catastrophe.

Since the initial release of its white paper report, “Financial Regulatory Reform: A New Foundation,” on June 17, the Administration has delivered language to Capitol Hill translating all of its proposals into detailed legislative text. Congress will return to Washington in September to take up these proposals.

 “We look forward to working with Congressman Crowley and his colleagues in the coming weeks to restore responsibility and accountability to our financial system,” said Wolin.

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