04.27.10

Cantwell Speaks on Senate Floor Regarding Regulating Wall Street

WASHINGTON, DC – Today, Senator Maria Cantwell (D-WA) spoke on the Senate floor regarding the urgent need for Congress to step up and require comprehensive regulation of the financial marketplace, especially the dark derivatives market that contributed to the 2008 financial collapse and economic crisis. Senator Cantwell said she will be offering amendments on the floor to strengthen the financial regulatory reform legislation, such as a return to Glass-Steagall or an amendment to strengthen laws against derivative market manipulation.
 
Below are excerpts from Senator Cantwell’s speech. Click here for the full text, and click here to watch a video of Senator Cantwell delivering her remarks.
 
“Our country has been rocked by a financial crisis of epic proportions. One that will have American’s paying for generations to come.
 
“It has shaken the public’s faith not only in Wall Street, but in this institution—the United States Congress. 
 
“Whether it’s Enron, or Bernie Madoff or the Wall Street bailout, the American people are asking themselves a fundamental question: ‘Can I even trust those guys in Washington to look out for me when it comes to the special interests creating rules of the game that tilt the board in their favor?’”
 
…
 
“My constituents have been so disgusted by our lack of holding Wall Street accountable. They have said, ‘If you can’t beat them, then at least break them up.’ So, Madam President, I will be offering an amendment to return us to Glass-Steagall, the law of the land previous to 2000 to help protect consumers for decades.
 
“And I will be offering an amendment to strengthen our anti-manipulation law to make sure if manipulation happens in the future, that there will be a price to be paid. And, Madame President, I will also say that my constituents want us to get this right, and get capital flowing to small business.
 
“While Treasury turned the keys over to Wall Street to bail them out, small business is still being strangled by an access to lack of capital.”
 
…
 
“I’m going to be working with my colleagues to offer amendments on the floor to strengthen this legislation, to make it the strongest legislation possible, to be accountable to my constituents, and to make sure that we are putting derivatives back into the clear light of day.”
  
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