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The Michigan Democratic Party
Brewer Hails Wall Street Reform Legislation
Michigan Consumers Will No Longer Be at the Mercy of Big Banks and Wall Street
LANSING – Today, President Obama signed the recently-passed Wall Street reform legislation. Following that ceremony, Michigan Democratic Party Chair Mark Brewer issued the following statement:
“Wall Street reform is a victory for every Michigan resident who has ever been misled by the fine print on a mortgage or credit card offer and every Michigan resident whose retirement savings were hurt by the financial crisis. It is a victory for every taxpayer and every honest business. Wall Street reform will end abusive lending practices, bring Wall Street’s financial dealings into the light and under regulation, guarantee that American taxpayers are never again left holding the bag for big banks’ risky trades, and secure the foundation for stable economic growth. These are critical common-sense reforms supported by Michigan’s Democratic Senators and Members of Congress, but the vast majority of Republicans in Congress voted against them. Now, Republicans are calling for the repeal of this vital legislation.
“Republicans like Pete Hoekstra and Bill Schuette have made it clear – they’re going to stand up for big banks and other powerful special interests no matter the cost to middle-class Americans. If they have the opportunity, Republicans will repeal all the progress enacted by President Obama and return to the failed policies of the Bush era – the same policies that led to the financial crisis in the first place. That’s why, this year, it is so important that people here in Michigan and all across America support strong Democratic candidates who will stand with the President to overcome Republican obstructionism and continue to move America forward.”