Statement Regarding the Need for Financial Regulatory Reform Legislation

Statement Regarding the Need for Financial Regulatory Reform Legislation: "

	Statement Regarding the Need for Financial Regulatory Reform Legislation Commissioner Bart Chilton July 15, 2010 More than two years ago, as the economy had started seriously sputtering, some forward-thinking Members of Congress began work on financial regulatory reform. A bill to revamp the futures industry even had enough votes to pass the US House of Representatives, only to be defeated after some Members actually switched their votes in the final seconds. Interestingly, many forget that these efforts at reform were taking place months before Bush Administration officials came to Congress with an urgent plea for hundreds of billions of dollars to bail out failing financial institutions. Today, after all this time, we may see a final vote that would pass what many call the most sweeping financial reform in 80 years—since the Great Depression. In fact, there has never been legislation like this. Eighty years ago, US financial markets were minuscule compared to today. To put it mildly, this is a very big deal. Our country, and indeed the economy, needs this legislation.	From: CFTC Views: 237 2 ratings
	Time: 05:55	More in News & Politics

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