BEAUFORT, S.C. – Today, Congressman Joe Wilson voted against comprehensive Wall Street reform, signaling his continued support of Wall Street CEOs instead of South Carolina taxpayers.  Despite Wilson’s vote, the legislation passed 237-192 and will make financial markets more transparent, expand oversight of Wall Street, and provide vast consumer protections.  The legislation will also prevent banks from becoming “too big to fail” and requiring taxpayer-funded bailouts.

Marine Corps combat veteran Rob Miller, who is running for Congress in the 2nd Congressional District, made the following remarks on the financial reform vote:

“In voting against financial reform, Joe Wilson endorsed Wall Street’s reckless mismanagement and invited future economic disasters.  Between his vote for the taxpayer-funded bailout and this vote against financial reform, Joe Wilson is clearly putting the interests of Wall Street ahead of families in the 2nd Congressional District.”

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 they 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.