July 6, 2010
Fairfax, VA — In the latest sign that he is too extreme for Northern Virginia, Keith Fimian joined his political patron John Boehner in opposing the tough new Wall Street reforms approved by the House of Representatives last week. Choosing to side with Wall Street special interests, Fimian announced his opposition to reform that put consumers first, holds the Biggest Banks accountable, and ends the era of tax-payer funded bailouts and ‘too-big-to-fail’ institutions. Fimian announced his opposition to stopping big bonuses on Wall Street and a stop to the type of risky financial deals that led to the current economic mess.
“Keith Fimian’s outrageous refusal to hold Wall Street special interests accountable or put a stop to the era of taxpayer funded bailouts and big bonuses is another reminder that Fimian’s extreme agenda is wildly out of touch with the needs of Northern Virginia families,” said James Walkinshaw, Connolly’s campaign manager. “Hardworking families who played by the rules and saw their jobs and savings wiped away by Wall Street’s recklessness deserve better than Fimian wanting to put Wall Street banks and credit card companies first."
Highlights of Wall Street Reform and Consumer Protect Action:
Consumer Protection: Grants the Federal Reserve authority to ensure American consumers get clear, accurate information. Americans deserve to know the truth as shop for mortgages, credit cards, and other financial products, and these new protections will shield them from hidden fees, abusive terms, and deceptive practices.
Ends Bailouts: Taxpayers will not be asked to support a firm threatening the economy ever again. This bill creates a safe way to liquidate failed banks, and imposes tough new requirements to stop banks from getting too big.
Transparency & Accountability: Eliminates loopholes for hedge funds, mortgage brokers, over-the-counter derivatives, asset- backed securities, and payday lenders.
Executive Compensation: Empowers shareholders to voice their concerns on executive pay and corporate affairs with a non-binding vote on executive compensation and golden parachutes.
Protects Investors: Provides tough new rules for transparency and accountability for credit rating agencies.
Enforces Existing Law: Empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system.
In an interview published in the Pittsburgh Tribune Review, Republican Leader John Boehner criticized the financial regulatory overhaul compromise as an ‘overreaction’ to the financial crisis that triggered the recession. Boehner said of Wall Street reform, “This is killing an ant with a nuclear weapon.” [Pittsburg Tribune Review; 06/29/10]