House Moves Toward Wall St. Reform, Wolf Defends Status Quo

Here’s a press release our campaign distributed earlier today on last night’s historic vote in the House.

For Immediate Release

1 July 2010

McLEAN, VA – Jeff Barnett, Democratic Nominee for Congress in Virginia’s 10th District, praised the House of Representatives for passing the much-needed Wall Street Reform Bill (H.R. 4173 – The Restoring American Financial Stability Act).

“We all remember the financial crisis of 2008. We remember the uncertainty and the fear. We watched in horror as millions lost their jobs, and we saw trillions of dollars in wealth evaporate into thin air. Then, we waited in frustration as political gridlock prevented Congress from addressing the real causes of the collapse. That wait is finally coming to an end. Last night, as the House of Representatives took a significant step towards preventing another financial crisis, Frank Wolf took a step backwards.”

“I am disappointed that my opponent voted against a bill that would empower consumers and guard against the reckless speculation that shook the foundations of our economy,” Barnett said. “Frank Wolf’s vote last night sends an unmistakable message about his priorities: our thirty-year incumbent is a powerful defender of the status quo. Frank Wolf chose to defend big banks instead of standing up for working families. Frank Wolf voted to leave intact the system that cost so many their jobs and their savings. That’s unacceptable.”

“My opponent was blind to the onset of the financial crisis when he chaired one of the committees charged with oversight of the SEC. Last night, he had an opportunity to make up for that blindness by voting to protect consumers and investors. Instead, Frank Wolf opposed a bill that will bring security and stability to the financial system. Our Nation cannot afford another two years of Rep. Wolf’s obstructive short-sightedness,” Barnett warned. “I am committed to bringing a new brand of pragmatic and anticipatory leadership to Washington. The 10th District deserves a Congressman who understands both the productive power of the markets and the need for sensible rules to hold them accountable.”