As the Senate works on Wall Street Reform Legislation, Senator Ben Nelson stated “doing nothing is not an option”.
Senator Nelson plans to vote Wednesday for the cloture motion to move the bill forward. This is so Nebraskans will not see of repeat of what happened in 2008, the worst financial crisis since the Depression.
Senator Nelson says this legislation prohibits taxpayer money from being used to bail out banks, approves an audit of the Federal Reserve, using repayment of TARP funds to go toward the national debt and it protects taxpayers from bailing out foreign governments. It also requires that salaries and other benefits to executives of failed banks and other financial firms be paid after creditors are repaid.
Senator went on to say that while no piece of legislation is perfect, this bipartisan effort will help protect taxpayers and consumers from “the future risk of recklessness on Wall Street”.