Reaction of Senator Patrick Leahy (D-Vt.) as Senate Passes Final Wall Street Reform Bill

WASHINGTON, July 15 /PRNewswire-USNewswire/ -- In a vote of 60 to 39, the U.S. Senate Thursday afternoon passed and sent to the President's desk an historic reform bill aimed at correcting Wall Street excesses that nearly set off a world economic meltdown.

Senator Patrick Leahy (D-Vt.), a Senate conferee during the negotiations on the final bill, voted for the reform package. "These historic reforms will set clear standards and real enforcement – including jail time for executives – to finally curb the fraud, manipulation and riotous speculation that punctured confidence in our markets and derailed our economy," he said.

Author of most of the bills' far-reaching transparency features, as well as of its tougher criminal penalties, Leahy said, "It has seemed to me that promoting transparency should be a vital element of Wall Street reform. Transparency is a cleansing agent for healthy markets. Open information helps investors make sound decisions. When information is murky, market decisions must be based on guesses or rumors that corrode trust and that encourage fraud and deception."

SOURCE Office of U.S. Senator Patrick Leahy

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