Speaker Pelosi aims to rein in Wall Street

WASHINGTON (BestGrowthStock) – Speaker of the U.S. House of Representatives Nancy Pelosi said on Thursday that Democrats’ efforts at passing regulatory reform are aimed at reining in reckless behavior on Wall Street.

Speaking at her weekly news conference, Pelosi said Wall Street is good at privatizing gain and nationalizing risk, and expressed hope that the Senate passes a bill soon so it can be merged into one earlier passed by the House.

“Democrats are working on behalf of the middle class to rein in Wall Street. Never again should those who are reckless on Wall Street cause people to be jobless on Main Street. This is going to be our fight as we go forward,” she said.

Financial reform is a top priority of the Obama administration and congressional Democrats who want to tighten oversight of derivatives markets and protect consumers from abusive mortgages, among other restraints.

But Republican opponents say Democratic proposals would perpetuate Wall Street bailouts.

Pelosi said not everyone on Wall Street was reckless but that Democrats wanted to ensure that some in the financial industry do “not have the same opportunity they had in the past to privatize the gains for themselves when they are successful and to nationalize the risk when they are not.”

Separately, Senate Democratic leader Harry Reid said he is targeting next week for his chamber to begin considering the legislation to tighten regulation of the financial industry.

The Senate Banking Committee last month reported out such a bill without a single Republican vote. At least some Republican support will be needed in the full Senate to clear Republican procedural roadblocks.

Stock Today

(Reporting by Donna Smith; writing by Thomas Ferraro; Editing by Doina Chiacu)

Speaker Pelosi aims to rein in Wall Street