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U.S. Senator Tammy Baldwin Opposes Senate Bill to Roll Back the Rules for Big Banks on Wall Street

WASHINGTON, D.C. – U.S. Senator Tammy Baldwin today released the following statement on her vote against a Senate banking bill that rolls back the rules for big banks on Wall Street:

“Shortly after I was first elected to Congress in 1998, I voted no on repealing the Glass-Steagall Act which de-regulated the financial industry and let Wall Street and the big banks write their own rules. As a result, in 2008 the reckless actions of Wall Street ran our economy into the deepest recession since the Great Depression and hardworking, middle class families paid a steep price - losing their homes, pensions and savings.

“We put in place Wall Street reforms to prevent this from happening again and I am afraid this banking legislation rolls back protections for consumers and taxpayers that help prevent another big bank bailout. I supported a number of amendments to this legislation to provide Wisconsin banks what they need without providing Wall Street what they want but the big banks lobbied against even giving them a vote. I support relief for community banks and credit unions, however, this bill rolls back the rules for banks with assets over $50 billion, which applies to the 35 biggest banks in the country. I can’t support letting big banks on Wall Street write their own rules. Hard-working families lost too much before and they can't afford it again.”