Rep. Foster Attends Financial Services Hearing

Press Release

Rep. Foster Attends Financial Services Hearing

Hearing Examines Reforms to Designed to Help Prevent Future Financial Crises

Today, in an effort to seek bipartisan solutions to move our economy forward, Rep. Bill Foster attended a Financial Services Committee Hearing that examined the possible effect of reforming and restructuring financial regulations.

"As a member of the Financial Services Committee, one of my top priorities is working in a bipartisan way to determine the best path to help our economy get back on track," Rep. Foster said. "Today's testimony is an important step forward as we discuss ways to reform and restructure the regulations governing our financial markets."

The Financial Services Committee heard testimony from economists and leaders within the financial services industry. The hearing examined the extent to which a weak and outdated regulatory system contributed to the current economic challenges, and the features needed for a more effective financial regulatory system that would contribute to quickening the recovery of the financial markets and the economy.

"Clearly reforms are needed in how we regulate our financial system because our current tools are out-of-date and ineffective," Rep. Foster said. "I look forward to finding thoughtful and bipartisan solutions as we move forward to make sure problems like the credit crunch and mortgage crisis never again overwhelm our economy."

Source