USW Statement On U.S. Senate Vote For Financial Reform

Contact: Gary Hubbard, 202-778-4384 (O); 202-256-8125 (C);  ghubbard@usw.org

Washington, D.C. (May 21, 2010) – Leo W. Gerard, International President of the United Steelworkers (USW), issued the following statement on the far reaching financial reform bill passed late yesterday by a vote of 59 to 39 – ‘The Restoring American Financial Stability Act of 2010’ (S.3217).

“The Senate took a huge step for the millions of working families who have lost their jobs, their homes and their savings at the hands of big Wall Street banks.  While this is a true victory over the hoards of Wall Street lobbyists, the legislative fight to make this law is not over yet.  

“In upcoming conference negotiations between the Senate and House, the legislation still needs to be strengthened, especially for derivatives trading, private equity and hedge funds. These financial instruments make up the shadowy banking system that contributed most to the nation’s near total economic collapse affecting working families and their employers.

“The USW supports the efforts of Senators Maria Cantwell (D-WA) and Russ Feingold (D-WI) to strengthen regulation in critical areas.  Wall Street will surely keep pushing to weaken reform, but congressional leaders must fight just as hard to put an end to banking and finance acting as a gambling casino. We must get our financial system back to investing in main street and creating jobs.      

“We urge the Senate and House leaders to pass this historic financial reform quickly.”

For a copy of the USW’s detailed letter to the U.S. Senate on the financial reform bill click here or on this link: USW supports ‘The Restoring American Financial Stability Act of 2010’ (S.3217.)

# # #