Congressman Paul Hodes’ Statement on President Obama’s Speech on Financial Regulatory Reform

Washington, DC – September 14, 2009 – (RealEstateRama) — Congressman Paul Hodes, a member of the House Financial Services Committee, released the following statement after President Obama’s speech on the need for financial regulatory reform. The President’s speech marks exactly one year from the collapse of Lehman Brothers.

“Today, President Obama laid out the urgent need for financial regulatory reform. Over the past year, millions of Americans have suffered as a result of poor oversight and accountability on Wall Street. As a result, retirement accounts are in jeopardy, homes have been foreclosed, and families are struggling to pay their bills. We must reform our financial system to ensure that prosperity on Wall Street never comes at the expense of Main Street.

By enacting common-sense solutions, closing loopholes, and eliminating excessive systemic risk, we can avoid the mistakes of the past that caused this current crisis. It is critical that we enact significant reforms that protect both consumers and investors as we work to rebuild our economy and create jobs for working families. I look forward to working with President Obama and members of both parties to bring reform, accountability and oversight to our financial system and ensure that it works for all Americans.”