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FOR IMMEDIATE RELEASE
June 2, 2010
IOWA 5TH DISTRICT CONGRESSIONAL CANDIDATE MIKE DENKLAU EXPRESSES SUPPORT FOR FINANCIAL REFORM
Council Bluffs, IA – June 2, 2010 – Mike Denklau, who is running to unseat Republican Representative Steve King in Iowa’s 5th Congressional District, comments on the upcoming conference committee review of financial reform legislation.
“I applaud the House of Representatives and Senators Grassley and Harkin on the passage of financial reform that benefits Main Street by making banks safer and preserving their constructive role in business as providers of capital,” said Denklau. Unlike Steve King who voted against this vital reform measure and yet again against the economic interests of western Iowans, as a former banker, Mike understands that a healthy financial sector is absolutely essential for a robust economy and sustainable growth in the 5th District. Due to his experience working directly with federal regulators to protect investors from unsound financial products, Mike knows how important it is that we strengthen and simplify our regulatory system. Mike believes this legislation is an important step in modernizing our financial system.
Specific benefits from the financial reform bill include:
• Ensuring taxpayers are not responsible for costs incurred by financial companies taking excessive risks
• Avoiding improper rating of risky financial products, such as subprime mortgages, by holding credit rating agencies accountable and making the ratings process more transparent
• Improving consumer and investor protections
• Promoting a safer and more transparent derivatives market with flexibility to meet business needs
• Creating a systemic risk council to identify and preempt risks to the financial system
“More than two years after the Bear Stearns collapse and the beginning of the 2008 financial crisis, the financial reform bill is long overdue,” said Denklau. Mike urges Republicans and Democrats working on the conference committee and in the full Congress to take this important first step in the reform effort and send a strong bill to the President that protects American jobs, the competitiveness of our economy and keeps borrowing costs as low as possible for consumers and businesses.
“Our work will not end with passage of this bill, however. Just as Depression era reforms took over a decade to enact, additional pressing financial issues, such as regulation of Fannie Mae and Freddie Mac, still require our attention. As the 5th District’s next Congressman, I look forward to continuing the effort to improve our financial system and advocate for policies that foster job creation and economic growth,” said Denklau.
Mike Denklau’s campaign urges 5th District Iowans interested in stronger Congressional representation to visit http://www.denklauforcongress.com or call (712) 256-0742 today to join his campaign. Together, western Iowans will make a difference this November.
Contact
Eric Villhauer
Denklau for Congress
(712) 256-0742
eric.villhauer@denklauforcongress.com
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