Political Quotes

“Mr. President, months ago, one of the most respected names in finance, Paul Volcker, the former Chairman of the Federal Reserve Board, made a commonsense proposal to protect taxpayers from the risk- taking on Wall Street. The essence of the proposal was this: Banks that have an explicit or implicit backing from taxpayers, through deposit insurance or otherwise, should not be allowed to make investments for their own profits. Banks can do one or the other, but not both. The goal of the proposal is clear: We will not let Wall Street bankers take advantage of taxpayers to make themselves rich. Wall Street should be free to serve their clients, help investors save and allow entrepreneurs to raise the money they need to grow their businesses. But big banks should not be taking exaggerated risks that benefit only themselves and their own pocketbooks. Our Wall Street reform bill has a provision that reflects this principle. Senators Levin and Merkley have been working for weeks on a proposal that makes the tough underlying bill even tougher by giving taxpayers additional safeguards. Their amendment would stop big banks from high-risk speculation and stop them from investing in hedge funds or private-equity funds. It would impose tough capital requirements on the biggest firms that pose the biggest risks to the financial system. And it prohibits the conflicts of interest that allow Wall Street firms to bet against the very products they sell to their clients. Mr.…”