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Politics is big in these parts, and we’ve got it covered. John Arthur Hutchison and other staff writers will offer their inside information on the events, big news and little moments of the local political scene in Lake, Geauga and eastern Cuyahoga counties.

Thursday, July 15, 2010

Brown, Strickland statements on Wall Street reform legislation (updated)

U.S. Sen. Sherrod Brown, D-OH, chairman of the Senate Banking Subcommittee on Economic Policy, issued the following statement upon the Senate passage of Wall Street reform:

“Today, we put Main Street first. This bill will ensure that American taxpayers will never again have to pay for the kind of risky Wall Street practices that put our economy on the verge of collapse and led to the loss of eight million jobs and six million homes. Wall Street banks took too many risks with Ohio jobs, pensions, and neighborhoods with their heads-you-lose, tails-I-win schemes.

“We must continue to support Main Street job creation by giving consumers, investors, and small businesses certainty that they are getting the fair credit and investment products that they need to help the economy grow. We must build on Ohio’s manufacturing heritage and help small and mid-sized manufacturers retool for the clean energy economy. And we must end tax breaks that encourage companies to ship jobs overseas while standing up for American workers and businesses by enforcing trade laws.”

Updated as of 4:11 p.m. Thursday, July 15, 2010:

Statement from Gov. Ted Strickland:

“Ohioans understand that the economic recession started on Wall Street. That’s why the Wall Street reform bill passed by Congress today is so important. It provides greater measures to guard against the kind of risky and abusive practices that led to the collapse of Wall Street banks and sent the country reeling into the worst economic crisis since the Great Depression. Consumers will be better protected and taxpayer-funded bank bailouts will be prevented because of the important reforms in this bill.

“I applaud the members of Ohio’s Congressional delegation for holding Wall Street accountable. Sadly, some are already urging the repeal of this common sense reform, most notably the Minority Leader in the U.S. House. Apparently they desire a return to the very past practices that led us to this economic recession in the first place.”

-- John Arthur Hutchison

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