Chris Coons this afternoon praised President Obama's signing of sweeping reforms to our nation's rules on lending and high finance designed to protect American consumers from the type of reckless business practices largely responsible for nearly destroying our economy.
"The signing today of the Wall Street reform bill sets in place some of the strongest consumer protection laws we have ever had," Chris said today. "Already we are hearing of schemes to circumvent these protections. As Senator, I will be vigilant in making sure that the Wall Street banks follow the letter and spirit of these consumer protections and do not burden consumers with additional charges and new onerous fees."
Last week Chris lashed out at Congressional Republicans who fought to prevent these Wall Street reforms from passing.
"This crisis came about because the Republican Congress and my opponent, Congressman Mike Castle, were so focused on deregulation that they did nothing to prohibit complex financing schemes that they didn’t fully understand," Chris said last week.
"I firmly believe that this crisis could have been avoided had more of Wall Street operated like the majority of community banks and lending institutions who did not over extend credit and risk their customers' deposits," he added. "As U.S. Senator, I will be vigilant in making sure we never again allow Wall Street greed to cause such damage to American families and cost taxpayers so much of their hard earned dollars."
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