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Congressman Vito Fossella (R-NY13) today released the following statement on Secretary Paulson’s Blueprint for modernizing financial services regulation:
“The Treasury plan is a solid blueprint offered at a critical time. The Blueprint recognizes that to protect investors and provide stability to the markets requires us to modernize and reform the entire system of financial services regulation. We cannot offer stop-gap, band-aid fixes. A flexible and responsive regulatory system will best provide for the economic growth and job creation that comes with a strong financial services industry.
"Many aspects of the Treasury’s plan, including a greater systemic role for the Federal Reserve and consolidation among banking regulators, are consistent with the principles I have unveiled for legislation to reform the system of financial services regulation. This blueprint, as well as the many other reports issued over the past year, shows Congress the way forward. The only question now is whether Congress will choose to act wisely or veer off towards overregulation. Congress must recognize the events of recent weeks are a call to action. The debate in the weeks ahead will be essential. I commend Secretary Paulson and his colleagues for their work in addressing the competitiveness of the U.S. capital markets.”
