Washington, DC – U.S. Senator Kirsten Gillibrand issued the following statement in response to President Barack Obama’s speech to Wall Street today:
“No state is feeling the effects of the recent economic collapse or has more at stake in the successful rebuilding of the financial markets than New York. Our regulatory oversight not only failed to protect our financial system, but left millions of Americans in jeopardy. Too often, the focus was on quick profits with little regard for long term risk to consumers, investors and our financial institutions. We need effective oversight, broader transparency and fuller accountability built in throughout the system.
“Either we prepare to repeat the financial collapse, or we work together to address systemic risk and vulnerabilities not covered by our current regulatory structure. We must assure Americans that the financial system is not only sound, but taxpayers must be protected.
“President Obama has rightly identified consumer and taxpayer protection, system risk oversight and rebuilding an efficient and effective market to strengthen our economy as priorities. As we lay out reforms to our regulatory structure and strengthen oversight and transparency, we will work to reflect the needs and challenges of our 21st century financial system. We must develop systems that protect consumers and engender trust and stability, while also fostering investments that can create good-paying jobs over the long term and maintain New York’s status as the world financial capital.”