Congressman Collin Peterson is applauding President Obama for signing the Wall Street Reform and Consumer Protection Act. Peterson voted for the bill when it passed the U.S. House of Representatives.
“I voted yes to holding Wall Street accountable,” he said. “This bill will end the ‘too-big-to-fail’ bailouts and reign in the unregulated derivatives trading that got way out of hand.”
Peterson, chair of the House Ag Committee, was instrumental in writing the provisions of the bill that reign in the previously unregulated "over-the-counter" derivative market, a market valued at $600 trillion. The derivatives market is blamed as one of the causes of the financial crisis.
“The bill isn’t perfect, but it does fix a lot of the problems that got us into this mess,” Peterson said. “Mistakes were made, and I think we’ve got to hold Wall Street accountable for what happened. This bill is a good first step.”
Peterson attended the signing ceremony at the White House with President Obama, saying, “This legislation reflects nearly three years of public debate and a lot of bipartisan work on derivatives and their effect on the economy.”
|
|
|
Congressman Collin Peterson is applauding President Obama for signing the Wall Street Reform and Consumer Protection Act. Peterson voted for the bill when it passed the U.S. House of Representatives.
“I voted yes to holding Wall Street accountable,” he said. “This bill will end the ‘too-big-to-fail’ bailouts and reign in the unregulated derivatives trading that got way out of hand.”
Peterson, chair of the House Ag Committee, was instrumental in writing the provisions of the bill that reign in the previously unregulated "over-the-counter" derivative market, a market valued at $600 trillion. The derivatives market is blamed as one of the causes of the financial crisis.
“The bill isn’t perfect, but it does fix a lot of the problems that got us into this mess,” Peterson said. “Mistakes were made, and I think we’ve got to hold Wall Street accountable for what happened. This bill is a good first step.”
Peterson attended the signing ceremony at the White House with President Obama, saying, “This legislation reflects nearly three years of public debate and a lot of bipartisan work on derivatives and their effect on the economy.”
