State Comptroller Thomas P. DiNapoli Statement
On Financial Regulation Impasse
New Yorkers understand that Wall Street is a critical economic engine that creates jobs all across our state. But as the past few years have made clear, allowing reckless behavior to go unregulated risks another fiscal meltdown that would once again rob New York of tens of thousands of jobs, melt away retirement savings, decimate home values, and force more taxpayer bailouts. Thatís a risk we cannot afford.
New York cannot stand a repeat of the past few years that saw unregulated hedge fund managers and mortgage bankers reap billions in windfall profits and drive our economy into freefall in the process. The U.S. Senate Minorityís decision to block Wall Street reform puts politics above fiscal responsibility.
We need real reform that holds Wall Street accountable, protects consumers, and provides New Yorkers with clear and understandable financial information. More transparency, more openness and more accountability along with better assessment of risk will prevent future taxpayer bailouts.
The President has laid out a solid framework for reform. Now itís time to set aside political games and forge a bipartisan effort to protect our economy.