July 21, 2010 - Congressman Phil Hare (D-Rock Island) today commented on President Obama signing into law the Wall Street Reform and Consumer Protection Act, landmark legislation to reform our financial system by ending taxpayer funded bailouts, bringing transparency in the trading of complex financial products like derivatives, creating a an independent agency to protect consumers and taking steps to prevent firms from becoming “too big to fail”.

“This landmark legislation will help guarantee that we never put working families at risk because of Wall Street greed and abuse,” Hare said.  “I was proud to support this legislation that will take the steps necessary to prohibit the excesses that led to the greatest economic crisis since the Great Depression.”

Hare stated that this is another issue where he has a strong disagreement with his opponent.   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.”

“The bottom line is that Bobby Schilling thinks the answer to this historic financial crisis—which cost our economy 8 million jobs—is to do nothing,” Hare said. “He opposes common sense reforms such as prohibiting unfair lending practices or requiring a mortgage lender to ensure a borrower’s ability to repay a loan. Furthermore, the suggestion that this problem can fix itself demonstrates Mr. Schilling’s view that government should be a Wall Street cheerleader instead of a regulator.”

“Bobby Schilling is clearly out of touch with the damage done to the lives and livelihoods of millions of Americans by letting Wall Street run wild,” Hare concluded. “He continues to show that his extreme views do not reflect the values of our area.”