• Economy growing, fastest growth turnaround in almost three decades, more work to do
• Wall Street reform “absolutely essential” to new foundation for economic growth
• Both Senate and House bills “significant improvement” on flawed rules
• Urges financial industry to “join us, instead of fighting us in this effort”
• Goal to make sure taxpayers never again “on the hook” because firm deemed to big to fail
• Reform would put a stop to taxpayer-funded bailouts
• Will bring market transparency, help ensure derivatives trading takes place “in the light of day”
• Sees legitimate role for derivatives but says reform must prevent reckless risk taking
• Without action will continue to see what amounts to loosely monitored gambling in financial system
• Consumer financial protection provisions in reform package “absolutely necessary”
• Some huge executive bonuses created “perverse incentives” for reckless risks and “that has to change”
• Reform would bring complex financial dealings “out of the shadows”