Senate passes historic Wall Street reform Tester helped shape for rural America

Senator, only Democrat to oppose bailouts, praises plan ending era of ‘too big to fail’

(WASHINGTON, D.C.) – Senator Jon Tester, the only Senate Democrat to vote against both bailouts of Wall Street and the U.S. auto industry, today praised the Senate’s passage of a historic Wall Street reform plan to “once and for all end taxpayer-funded bailouts”.

The Senate today voted 59-39 to pass its Wall Street reform bill to hold big Wall Street banks accountable and to clean up the schemes and abuses that nearly brought the entire U.S. economy “to its knees.”

A member of the Senate Banking Committee, Tester played a key role in shaping the Wall Street reform bill to meet the needs of rural America—especially Montana’s community banks and small businesses.

The Senate unanimously passed Tester’s amendment to make sure community banks only pay their fair share for federal bank insurance.  Tester also ensured the new Consumer Financial Protection Bureau established by the bill would not create any undue burden on community banks.

“This is a big win for Main Street,” Tester said.  “The bill ends taxpayer-funded bailouts, holds Wall Street accountable, and preserves the critical role community banks have in strengthening communities, jobs and small businesses.”

The Wall Street reform bill passed by the Senate:

  • Ends taxpayer-funded bailouts of Wall Street banks and investment firms,
  • Requires big banks to pay for their own liquidation should they fail,
  • Streamlines regulation of Wall Street and puts all referees under one roof,
  • Imposes tough new rules on risky, complicated financial products like sub-prime mortgages.

“Our reform is strong because it ends taxpayer-funded bailouts, and it begins a new era of keeping common-sense sideboards on our fast-moving financial industry,” Tester said.

Tester’s rural bank amendment is available on his website, HERE.