John E. Morton, managing director of the Pew Economic Policy Group, issued the following statement today in response to the Senate Banking Committee passage of "Restoring American Financial Stability Act of 2010," which was voted out of committee last night.
"An important step was taken yesterday, as Chairman Chris Dodd's (D-CT) financial reform legislation moved from committee to the Senate floor. We applaud the collective efforts of the Senators and their staffs to move the ball downfield toward real financial reform during this Congress.
"It is now up to the full Senate to act on behalf of the millions of Americans who have lost their jobs, their homes and their savings as a result of a financial crisis which is now nearly two years old.
"Our policy makers must deliver the solutions needed to ensure a fair, competitive and stable financial system for generations to come. Voters are looking for Congress to take decisive action now.
"Congress should adopt real financial reform that:
• Creates an early warning system that finds and deals with signs of trouble before they hurt American households;
• Ends "Too Big To Fail" and bailouts that put taxpayers at risk;
• Increases transparency in markets to protect the interests of American families and ensure that financial firms act responsibly; and
• Protects consumers from harmful business practices.
"We urge the Senate to continue its efforts to forge bipartisan consensus to safeguard our country's economic future."
Pew is no longer active in this line of work, but for more information, visit the main Pew Financial Reform page.