May 12, 2010

Washington, DC—Nevada Senator Harry Reid released the following statement today after the Senate voted against the Chambliss amendment to keep the same rules in place on the derivatives market that led to Wall Street abuses:

“Nevadans want a financial system that allows them to afford their mortgages, put their kids through college and save for retirement.  That’s why Senate Democrats are fighting to end the reckless behavior by big banks and bring transparency to Wall Street.  Today, Democrats defeated Republican attempts to carve out protections for Wall Street that would keep business as usual, and allow firms to keep making the kind of secretive, risky bets that endanger our economic security.  

“I am pleased that we were able to block this amendment to protect Wall Street, but I continue to be disappointed in my Republican colleagues. Republicans have fought our efforts to hold Wall Street accountable at almost every turn.  They stalled moving to debate, they misrepresented our ideas for real reform and they continue to offer amendments aimed at watering down consumer protections and putting the interests of Wall Street banks over Nevada families.  

“I hope that as we move forward, Republicans will join us in fighting for the strongest possible measures to hold Wall Street accountable and put consumers back in control, and stop trying to let Wall Street off the hook.”  

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