BEAUFORT, S.C. – Today, Marine Corps combat veteran Rob Miller called on Representative Joe Wilson to vote in favor of major legislation that will reform Wall Street.  The legislation will stop future bailouts by preventing banks from reaching the point where they become “too big to fail,” will set up a consumer protection watchdog and will restrict big Wall Street banks from making the type of risky financial deals that led to the current crisis.

“When Joe Wilson voted to bail out Wall Street, he was rewarding bad management and bad decisions,” said Miller.  “Now, Joe Wilson has the chance to reign in Wall Street’s risky speculation that drove us into economic crisis.  I urge Representative Wilson to stand with South Carolina taxpayers and vote in favor of reforming Wall Street.  Our tax dollars should never again be used to bail out large banks, and this vote will show who Joe Wilson is really looking after.”

Background

HIGHLIGHTS OF THE LEGISLATION

Consumer Protection: Grants the Federal Reserve authority to ensure American consumers get clear, accurate information.  Americans deserve to know the truth as shop for mortgages, credit cards, and other financial products, and these new protections will shield them from hidden fees, abusive terms, and deceptive practices.

Ends Bailouts: Taxpayers will not be asked to support a firm threatening the economy ever again.  This bill creates a safe way to liquidate failed banks, and imposes tough new requirements to stop banks from getting too big.

Transparency & Accountability: Eliminates loopholes for hedge funds, mortgage brokers, over-the-counter derivatives, asset- backed securities, and payday lenders.

Executive Compensation: Empowers shareholders to voice their concerns on executive pay and corporate affairs with a non-binding vote on executive compensation and golden parachutes.

Protects Investors: Provides tough new rules for transparency and accountability for credit rating agencies.

Enforces Existing Law: Empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system.

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