Following President Obama’s State of the Union address, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, praised the President for underscoring the importance of the Wall Street Reform Act and making clear he will veto any legislative effort to undermine it.

Waters, a tireless advocate for protection the law, also praised the President for his proposal to levy a fee on the largest financial institutions designed to discourage them from accumulating debt and increasing their leverage. She released the following statement:

“As Ranking Member of the Financial Services Committee, I’m very pleased that tonight, President Obama reaffirmed the importance of the Dodd-Frank Wall Street Reform Act and underscored his intention to veto any legislation that undermines this important law. The President's pledge to protect Wall Street reform is even more critical in the aftermath of recent Republican efforts to chip away at the law and return to the lax policies that brought our economy to the brink of collapse. It's clear the President understands that the best way to ensure we continue to make positive economic progress is through strong oversight of Wall Street and an even stronger consumer watchdog.

I applaud the President for going even further, proposing a fee designed to protect Main Street by deterring mega-banks from continuing the dangerous practice of accumulating large amounts of debt. This important reform will not only protect taxpayers by making it more costly for the largest financial institutions to finance their activities with excessive borrowing, but it uses the proceeds to increase access to community college and expand tax credits for the middle-class.”

###