Vice President Joe Biden and U.S. Treasury Secretary Timothy Geithner spoke at UW-Milwaukee Tuesday to promote a new financial reform bill that they said would benefit the middle class.
""Something needs to change on Wall Street,"" Biden said. ""Things have gotten out of control. I don't care whether you are a Democrat, Republican, conservative or liberal. I doubt anybody thinks that the status quo ante is acceptable.""
The Wall Street Reform and Consumer Protection Act proposes extensive regulation of the finance industry, more effective reorganizing of failing financial institutions and the creation of a Consumer Financial Protection Agency.
""This is an important cause,"" Geithner said. ""This requires reform. Not small change at the margin, but comprehensive change—clear rules with teeth enforced by people who care.""
Biden and Geithner's main goal as part of the official ""Middle Class Task Force"" is to not only convince voters that reform needs to happen, but also to explain why the regulation of Wall Street is pertinent to middle-class Americans.
Republican Party of Wisconsin Chair Reince Priebus said in a statement that, ""if the Obama Administration were serious about helping the middle class, it would be pushing policies that actually create jobs instead of piling money on the problem.""
Geithner said because of President Barack Obama and Biden's previous ""willingness to do the hard things early and quickly, even though it was tough politically,"" the country is now more financially stable.
According to Biden, Wall Street reform is vital to the well-being of the middle class because, ""when financial markets are functioning the way they are supposed to, they allocate capital to the most productive uses. They create jobs, they create opportunities—that's what builds the middle class.""
""Folks, this is a big deal moment,"" Biden said. ""This is a time when it matters that we get this right.""
