DENVER – Today President Obama traveled to New York City to argue for Wall Street reforms that will address the underlying causes of the economic crisis that nearly drove the U. S. economy off a cliff. President Obama has called on Congress to enact strong reforms that increase Wall Street accountability, boost consumer financial protections, and end taxpayer bailouts for Wall Street gamblers. Below please find a statement from Pat Waak, Colorado Democratic Party Chair in support of President Obama’s and Democrats’ efforts to protect Coloradans from another financial crisis:
“When President Obama took office last year the economy was shedding jobs at an alarming rate- nearly 800,000 a month- and the economy was in a free-fall. However, in the last year President Obama and the Democrats in Congress have worked hard to turn our economy around by enacting the American Recovery and Reinvestment Act and supporting job-creating investments in infrastructure, education and local governments.
“As a result of the extraordinary measures taken by the President and Democrats in Congress, the American economy is growing again, and last month the economy created 162,000 jobs- the largest job growth in three years. However, there is still more work to do and that is why I strongly support President Obama’s efforts to reform Wall Street.
“The President has said he will not rest until every American who wants a job has one, and he is serious about enacting Wall Street reforms that will ensure an economic crisis like the one we are coming out of never happens again. For too long lax regulations and oversight have enabled Wall Street banks and financial institutions to engage in gimmicky practices that have benefited Wall Street but failed Main Street. The collapse of large banks left the American taxpayer and Coloradans footing the bill. Americans cannot afford to continue to pay for Wall Street’s gambles. That is why the passage of Wall Street reform is not only necessary to our financial security but is critical to our country going forward. Republicans like Jane Norton have made it clear that they prefer to stand with Wall Street and against these important reforms. I am proud that Democrats in Congress and the President are willing to take on the big banks, even if Republicans are unwilling. ”