Tester to Senate: ‘Now is the time for action’ to reform Wall Street

As Senate prepares for debate, Senator says Montanans have waited long enough

(BIG SANDY, Mont.) – Saying Montanans are “still steaming mad” about the Wall Street bailout, Senator Jon Tester is pushing his colleagues to reform the rules of Wall Street and end the notion of “too big to fail”—and the taxpayer-funded bailouts that came with it.

As the Senate prepares to debate Wall Street reform next week, Tester delivered a Senate floor speech encouraging his fellow Banking Committee members to continue negotiations toward a bipartisan deal.

But, he warned, doing nothing is not an option.

“Actions speak louder than words,” said Tester, the only Senate Democrat to vote against both the Wall Street bailout and the U.S. auto industry bailout.  “I don’t believe in bailouts.  But I do believe in making sure there are referees on Wall Street, to make sure big banks and investment firms play by the rules.  To make sure taxpayers, and Main Street small businesses, don’t pay the price for the sins of Wall Street.”

“Let’s get down to work and do what we were sent here to do,” Tester added.  “Let’s get this done.  I hope that we are now beyond trading rhetoric, where we can get down to resolving outstanding issues in a constructive way.”

The Senate Wall Street reform plan:

  • Ends taxpayer-funded bailouts,
  • Ends the era of “too big to fail”,
  • Puts referees back on the field to enforce the rules,
  • Puts Main Street ahead of Wall Street,
  • And protects small community banks and credit unions from new enforcement.

Video of Tester’s floor speech is available HERE.  The Senate is expected to begin debating Wall Street reform on Monday.