July 1, 2010 - Last night, Congressman Phil Hare (D-Rock Island) voted for the toughest regulation of Wall Street in a generation. The Dodd-Frank Wall Street Reform and Consumer Protection Act creates an independent agency whose sole purpose is to protect consumers, ends taxpayer funded bailouts, brings the trading of complex financial products like derivatives into the light of day, and takes steps to prevent firms from becoming “too big to fail.” 

“The financial and economic meltdown we just endured was historic and so is this response,” Hare said. “Never again can we allow the reckless behavior of big banks on Wall Street to bring Main Street to its knees.”

Hare said this is another issue where he and his opponent strongly disagree. Asked by the Chicago Tribune editorial board for his view on government intervention in the private sector as it pertains to the financial and economic crisis, Bobby Schilling said: "The problem with this crisis was actually too much government involvement…Congress needs to stop interfering with the private sector, and the problem will fix itself."

"Only a Wall Street apologist like Mr. Schilling would claim that too much government caused this crisis," Hare said. "Families from the Quad Cities to Carlinville to Galesburg to Decatur understand that their homes and life savings were put at risk by a financial system that wasn't regulated closely enough. They are demanding that we hold Wall Street accountable. Mr. Schilling disagrees. His defense of Wall Street, and his argument that this crisis can fix itself, is a sign that he would govern based on far-right ideology instead of the cold hard facts at hand."

A new nationwide Lake Research Partners survey shows that 70 percent of voters support legislation that will crack down on Wall Street and rein in big bank abuses.