Congressman Gregory W. Meeks Supports President Barack Obama's Financial Regulatory Reform Effort

Press Release

Congressman Gregory W. Meeks joined President Barack Obama today at the White House as he unveiled his plan for reform of the financial regulatory system. The financial regulatory reform plan that President Obama unveiled today will build a new foundation for financial supervision and regulation in the midst of this current economic crisis that Americans are facing.

"It is imperative that we must correct the flaws and identify the weaknesses of our current regulatory structure. We must reform it in a way that prevents future crises and creates a strategic plan to respond to financial crises quickly and effectively," said Congressman Meeks. "We must do so in a manner that does not limit the ability of the American financial system to compete globally and that ensures that New York City remains the world preeminent financial center," add the Congressman.

This plan seeks to address the regulatory failures that led to the current crisis, fix the gaps and weaknesses in our regulations to help prevent future crises and give regulators the tools they need to respond quickly in the event of a crisis. The President's plan seeks to create a regulatory structure to ensure safety and soundness, brings markets more fully into our regulatory framework, protects consumers and investors, gives the government the tools it needs to cope with crises and makes sure that the high standards of financial firms in the U.S. match those of around the world.

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