JEC CHAIR MALONEY STATEMENT ON REGULATORY REFORM PROPOSAL

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement regarding the Obama Administration’s announcement of a plan to overhaul the regulation of financial institutions and systemically important companies:

“Today’s actions by the Obama Administration signal that the President is determined to act swiftly, sensibly, and in the interest of the individual consumer to strengthen our financial regulatory system.  Bringing regulation in line with 21st century realities is critical to preventing future crises and protecting Americans nationwide from the unchecked risk-taking that has shown to have system-wide implications for our economy.

 “The proposed financial product safety agency will further champion protections established in the recently signed credit card reform bill.  An agency focused on shielding investors from risky and deceptive products will roll back a decade of regulatory failure and establish consumer protection as central to financial regulation.  This is a critical step and will ensure families better understand the investments they make. 
 
“As Chair of the Joint Economic Committee and a member of the Financial Services Committee, I have heard expert testimony from both the government and private sector imploring Congress to adopt more prudent financial regulation.  In the coming months, Congress will continue to work with the President to ensure that we bring greater stability and transparency to our financial system.” 

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov