News Release

Coons Comments on Senate Financial Reform Legislation

For Immediate Release: May 21, 2010 at 12:01 pm

NEW CASTLE – Chris Coons, New Castle County Executive and Democratic candidate for U.S. Senate, today commented on legislation passed by the U.S. Senate last night to rein in the excesses that led to the financial meltdown in September 2008.

“Nearly two years after the financial meltdown that nearly brought down our entire economy, the U.S. Senate has finally passed legislation that will protect consumers, increase honesty among the rating agencies, and restrain risky speculation. Whether it is a Delawarean deciding to start a small business, or a business owner considering hiring another worker, there has to be certainty in the marketplace in order for business to grow. While I am disappointed that common sense proposals to protect Delawareans take so long to navigate through Congress, I am glad to see us one step closer to reform.”

The differences between legislation passed by the U.S. Senate will now be reconciled with the financial reform bill passed by the House of Representatives last December. U.S. Senators Tom Carper (D-Del.) and Ted Kaufman (D-Del.) voted in favor of the bill last night, while Congressman Mike Castle (R-Del.) opposed financial reform [HR 4173, Vote # 968 , 12/11/09].