Rep. Peters on Senate vote on Wall Street reform

From the Office of Rep. Gary Peters
Thursday, May 20, 2010

Rep. Peters Wrote the Amendment to Force Wall Street to Pay Back Every Penny of the Bailout

(Washington, DC) – U.S. Representative Gary Peters, who serves on the House Financial Services Committee and helped shape Wall Street Reform legislation which passed the House in December, issued the following statement today after the Senate reached the sixty vote threshold necessary to move the bill toward a final majority vote and likely passage. The legislation differs from the House version so the two bills must be reconciled.

In shaping the larger legislation, Representative Peters specifically wrote the provision incorporated into the House-passed version of Wall Street reform that would force large Wall Street banks to pay back every penny of the bailout initiated in 2008, shortly before he came to Congress. That amendment is not currently in the Senate version. Congressman Peters said today he will fight to make sure it is included in the final legislation.

Rep. Peters’ statement follows:

“Wall Street recklessness hurt our small businesses, cost us jobs, decimated retirement savings and home values and led to a massive taxpayer bailout. The Senate bill makes real progress to protect families from a future Wall Street meltdown, but it still does not contain a plan to make financial institutions pay back the bailout. I will fight to ensure the measure I wrote and passed in the House to ensure taxpayers are paid back for every penny of the bailout is included in the final legislation.”

Source: http://peters.house.gov/index.cfm?sectionid=22&parentid=21&sectiontree=21,22&itemid=282