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Kaine statement on GOP efforts on financial industry

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Democratic National Committee Chairman Tim Kaine issued the following statement after Roll Call reported that House Republican leaders, including Minority Leader John Boehner (R-Ohio) and Minority Whip Eric Cantor (R-Va.), met with more than 100 Wall Street lobbyists yesterday to strategize a plan to kill financial regulatory reform:

“One year ago this month our economy lost 700,000 jobs. The credit market was frozen stiff. And trillions of dollars in personal wealth had been destroyed, as the stock market plunged and the global financial system teetered on the edge of total collapse.

“Congressional Democrats, led by House Banking Committee Chairman Barney Frank (D-MA) and Senate Banking Committee Chairman Chris Dodd (D-CT), are crafting financial regulatory reform legislation to protect American consumers and put an end to the reckless decisions and abusive practices used by too many in the financial industry that put our entire system in peril.

“It’s disappointing that Eric Cantor and House Republicans have decided, once again, to side with their Wall Street lobbyist friends, instead of the American people. We hope they will instead decide to join Democrats in crafting reform that will close the current loopholes in regulations, strengthen oversight of financial institutions and pursue financial fraud. It’s time we gave the people on Main Street confidence that there are rules in place that work for them – not just the Wall Street banks and their lobbyists.”

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