“Today Republicans cement our plan to restore stability and oversight to the financial sector,” said Rep. Price. “Reps. Garrett and Hensarling should be applauded for their leadership in finding a common sense solution to a complex set of issues. While we work toward ensuring a more stable financial sector, we must preserve the market system to which we owe so much while ensuring taxpayers are never left out to dry again by the failures of others.

“The package of reforms we introduce today will fundamentally change the relationship between Wall Street and the taxpayer. No longer will we see private profits being backstopped by taxpayer liability. This legislation puts an end to the misguided bailout culture that has encouraged irrational risk taking and cost taxpayers so much. As reform is imperative, I look forward to working positively in a bipartisan spirit to achieve our goals of stability.”

NOTE: A full summary of this legislation can be found here.