12.19.14

U.S. Senator Tammy Baldwin Statement on Volcker Rule Delay

Washington D.C. – U.S. Senator Tammy Baldwin released the following statement today on the Federal Reserve’s decision to delay a portion of the Volcker Rule:

“Yesterday, the Federal Reserve gave Wall Street an early Christmas present when it delayed a part of the Volcker Rule for two years. That rule, a key provision in Wall Street reform legislation that passed Congress over four years ago, prevents banks from using taxpayer-insured money to make risky investments, in this instance private equity and hedge funds.

“Shortly after I was first elected to Congress in 1998, at a time when both parties were supporting de-regulation of the financial industry, I voted against letting Wall Street and the big banks write their own rules and I was one of only a handful of members of Congress who voted no on repealing the Glass-Steagall Act. In 2010, I supported Dodd-Frank because hard working, middle class families paid a steep price for the reckless actions of Wall Street running our economy into the deepest recession since the Great Depression.

“The Federal Reserve has a taken a serious step in the wrong direction at a time when we should be doubling down on efforts to prevent Wall Street, their lobbyists and a Republican majority in Congress from gutting Wall Street reform legislation.  I will continue to fight attempts to water down these needed reforms and prevent Wall Street from rigging the game against families and businesses that work hard and play by the rules.”