Saujani, Maloney On FinReg

Both Carolyn Maloney and her challenger in her Upper East Side Congressional district, Reshma Saujani, released statements on Obama’s signing of the Wall Street overhaul today.

No surprises there, but this bill has become a central front in this campaign, a campaign that has gotten a lot more heated than many expected.

Saujani, a hedge fund lawyer has been labeled as “the Wall Street candidate in the race.” Witness this WaPo profile of her, entitled “NY Challenger Saujani Embraces Wall Street In Bid To Unseat Rep. Maloney.”

Needless to say, her campaign has been vigorously pushing back on the idea, while Maloney’s camp has been gleefully pushing the notion.

In her statement, Saujani says the bill doesn’t go far enough, and mentions the “special interests [that] nearly succeeded in derailing this legislation,” a reference, perhaps, to the fundraiser Maloney hosted with corporate lobbyists as the bill was being hammered out.

Her statement, in full:

“I am pleased that President Obama signed the financial regulation and reform bill into law today. This is landmark legislation, and I commend the Senate, the House and the President for their hard work over the last eighteen months.  
“The bill enacts important changes to our financial system that will safeguard consumers and implement the oversight necessary to prevent another crisis. There are still issues that need to be addressed, including credit rating agency reform. We also need to ensure that regulators stringently enforce key provisions of the legislation, particularly with regard to systemic risk.  
“The special interests nearly succeeded in derailing this legislation — and we need to continue fighting against their influence in Washington. I applaud President Obama, Senator Dodd and Congressman Frank for relentlessly working to pass a law that benefits consumers, investors and our nation’s economy.”

Maloney, meanwhile notes in a letter to her constituents that she and her Democratic majority were a big part of the landmark bill. She mentions “I” or “We” six times.

In full:

Earlier today, I joined President Obama as he signed the Wall Street Reform and Consumer Protection Act.  This comprehensive Wall Street reform bill sets in motion the biggest changes in government financial oversight since the New Deal.

The crises of 2008 and 2009 made it clear that our nation’s financial system had problems at its foundation.  Big changes from the ground up were needed to protect American consumers from being caught up in the risky practices of Wall Street.

So we got to work. On the House Financial Services Committee and later the Conference Committee, I joined Chairman Barney Frank to craft a bill that would put the American economy on solid footing again.

It wasn’t easy – the special interests didn’t like the idea of being held accountable to top-notch regulators. But after months of discussion and debate, we passed a landmark bill that will protect consumers and increase regulation while ensuring that New York remains a leader in the financial services industry. 

We still have a lot of work to do to get our economy back on track. But with this groundbreaking legislation in place, we can think less about fixing the past, and more about building the future.


Carolyn B. Maloney



Saujani, Maloney On FinReg