Statement by Demos' Heather McGhee on House Action on Final Financial Reform Legislation

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Washington--"Today the House of Representatives took a historic step toward shoring up an economy that works for all Americans--not just the biggest Wall Street firms.

"The Dodd-Frank Wall Street Reform and Consumer Protection Act will level the economic playing field for American consumers, investors and businesses.  It will bring the riskiest trading out of the shadows.  And it will put in place safeguards against the collapse of over-leveraged, interconnected firms and taxpayer-funded bailouts.

"The House has acted to bring an end to the thirty-year era of misguided deregulatory zeal that has cost the American people so much. Members of the Senate must set aside any last-ditch efforts to delay relief for the beleaguered American economy and join the House in sending this vital legislation to President Obama for his signature."

Heather C. McGhee is Washington Director of Demos, a national, nonpartisan think tank. She is a frequent guest on MSNBC, including a recent appearance on "The Ed Show" analyzing the strengths and weaknesses of financial reform legislation (viewable here: http://bit.ly/9KBjNm).

Demos has conducted extensive research on the policy underpinnings of the economic meltdown, including the role of credit rating agencies in spreading junk mortgage-backed securities across the market;  the escalating burden of loosely-regulated, high-cost  private loans borne by students; and the effects of deregulation on the cost of credit for American households. For more information, visit www.demos.org.

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Contact: 

Tim Rusch, trusch@demos.org, (917) 399-0236

Gennady Kolker, gkolker@demos.org, (212) 389-1408

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