04.27.10

Senator Burr Statement on Financial Regulatory Reform Vote

Today, U.S. Senator Richard Burr (R-NC) issued the following statement on S. 3217, financial regulatory reform legislation:

"As the current financial crisis has made abundantly clear, we must modernize and strengthen our regulatory framework in a way that ensures accountability, enforcement, and transparency. Unfortunately, the bill we voted on this afternoon falls far short of the commonsense financial regulatory reform that we need.

"This bill would constrict the availability of credit to deserving Americans and businesses, which rely on that credit and the formation of capital to create jobs; does nothing to address the risk posed by the mortgage giants Fannie Mae and Freddie Mac; and does not address loopholes allowing regulators to spend unlimited taxpayer-provided funds to prop up firms on the brink of collapse.

"While we must improve our financial regulatory system, our goal in Washington should be to pass legislation that encourages job creation and helps Main Street, not stifles it."