SACRAMENTO, CA – U.S. Senate candidate Carly Fiorina today issued the following statement in response to the Senate’s vote to pass the financial reform bill:
“While there is no doubt our nation’s financial sector is in need of serious reform, I am disappointed that the bill passed by the Senate today will do little to fundamentally resolve the problems that led to our nation’s financial meltdown or to prevent another one from happening in the future.
“Creating a new layer of bureaucracy on top of an existing, fundamentally flawed regulatory structure will cost more money without delivering results. Unfortunately that is so often how Washington addresses big and complex issues – with a political Band-Aid rather than an effective and lasting solution. In order to truly reform the financial system, we must first understand where the breakdown occurred; we must also take a much closer look at the flaws inherent in Fannie Mae and Freddie Mac. This bill does none of those things, while at the same time instituting costly new regulations on community banks and credit unions that will further inhibit small businesses’ access to credit.
“Barbara Boxer’s vote in favor of the bill today represents a stunning display of election year politicking, given her support for the bailout of Wall Street. Her vote today was more about adding a line to her campaign rhetoric than it was about producing real reform that will protect consumers, encouraging small business job growth by unlocking credit and putting into a place a regulatory framework that will truly ensure we do not face this level of economic and financial calamity again.”
In April, Fiorina laid out the principles she believes must be present in any workable, effective financial reform bill. These principles focus on the important role transparency, accountability and effective regulatory oversight play in preventing another financial crisis.