WALL STREET REFORM: Murray Votes to End Wall Street Bailouts, Protect Washington State Consumers and Small Businesses

Press Release

Today, U.S. Senator Patty Murray (D-WA) voted for the Wall Street Reform legislation that will protect Washington state families, hold Wall Street accountable, and guarantee that Washington state taxpayers will never again be on the hook to bail out Wall Street or clean up after big banks' messes. The legislation passed today by a vote of 60-39 and is expected to be signed into law by President Obama shortly.

"With this vote today, the era of taxpayer-funded Wall Street bailouts is officially over," said Senator Patty Murray. "This bill is going to make sure that Washington state families and small business owners are protected from predatory Wall Street tactics. And it will guarantee that American taxpayers will never again be on the hook to bail out the big banks. I was proud to stand up for my state's families today and against the Wall Street lobbyists and special interests who were fighting so hard to protect big banks and maintain the status quo."

"Wall Street reform legislation makes a big distinction between Wall Street Mega Banks and Main Street Community Banks. Within the legislation there are positives for Main Street Community banks including asset-based deposit insurance assessments, regulating non-bank financial competitors, deposit insurance limits increased and extending the deposit insurance coverage on noninterest-bearing transaction accounts and ending too big to fail. These enhancements and others will aid community banks in Washington State to continue to support the communities they serve through small business loans and financial services," said John Collins President of the Community Bankers of Washington state, Washington's leading association of Community Banks. "By ending "too big to fail' and ensuring that large banks pay for the risks they create to the system this bill takes monumental steps to protect community banks our customers and taxpayers. The Community Bankers of Washington want to particularly commend Senator Murray for the leadership she provided in fighting for provisions that help support community banks and for ensuring that Wall Street's megabanks pay their fair share for the risks they pose."

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