UPDATE 1-US Speaker Pelosi aims to rein in Wall Street

(Adds Pelosi quote, more details)

WASHINGTON, April 15 (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 Research

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

UPDATE 1-US Speaker Pelosi aims to rein in Wall Street