Reid applauds new bank restrictions

As President Barack Obama announced new restrictions on large banks today, Sen. Harry Reid applauded it as a strategy that "protects consumers and protects the marketplace..."

Here is Reid's statement:

“I am pleased to see that the President is holding financial institutions more accountable as we continue to work toward full economic recovery. The plan the President laid out today protects consumers and protects the marketplace by limiting the size and scope of the financial sector.

“The economic challenges of the last two years have highlighted the dangers of not shielding consumers against reckless banks’ greed. We can no longer afford for financial institutions to get away with risky bets that endanger our entire economy or gamble away money that middle class families depend on to send their children to college and allow them to retire. I appreciate the President’s commitment to end business as usual on Wall Street and restore fairness and sensibility to the marketplace.

“The President’s announcement today will guide the work of Chairman Dodd and the Banking Committee as they develop a comprehensive financial reform proposal. I will work with Chairman Dodd and the President to make sure that we fully turn the page on this latest era of irresponsibility on Wall Street.”