Kagen Statement on Wall Street Reform and Consumer Protection Conference Report
FOR IMMEDIATE RELEASE:
June 25, 2010
"Earlier today, House and Senate conferees reached an historic agreement that will begin to restore financial responsibility to Wall Street. The most essential improvements include: no more bailouts; no more bad loans to individuals or businesses who are unqualified to receive them; banks will pay for their own mistakes – not taxpayers; and the Federal Reserve will come under better control. Over time, confidence and trust in the activities of Wall Street firms will be restored.
“And, while this is a huge step forward to fix what is broken, we must continue to focus on getting help for our small businesses – who represent over 90 percent of all employers, generate over 50 percent of our nation’s annual GDP, and create nearly two-thirds of all new jobs.
“I urge the Senate to take quick action on the Small Business Lending Fund Act of 2010, which includes the Perlmutter-Kagen amendment allowing small banks to amortize potential declines in commercial real estate loans over several years. Access to capital is a top issue confronting small businesses in
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