Leahy Hails Transparency Advances in Newly Enacted Wall Street Reform Bill

WASHINGTON, July 21 /PRNewswire-USNewswire/ -- President Obama Wednesday signed into law an historic financial reform bill aimed at correcting Wall Street excesses that nearly set off a world economic collapse.  Senator Patrick Leahy (D-Vt.) was a Senate conferee in the House-Senate negotiations on the final bill and the author of several key provisions to expand transparency and to counter financial fraud.  Following is Leahy's statement after the bill was signed.

This new law is about changing the culture of rampant Wall Street speculation and doing what needs to be done to get our economy back on track.  These reforms will reign in Wall Street abuses, end government bailouts and give everyday Americans the consumer protection they deserve and expect.  

This is a reset of business as usual on Wall Street.  Instead of secret deals and murky rules, we now will have clear standards, matched with real enforcement, including jail time for executives.  The disinfectant of transparency will help investors make sound decisions, and it will discourage fraud and deception.  These reforms will help build confidence in our economy and continue the progress toward full economic recovery.

SOURCE Office of U.S. Senator Patrick Leahy

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