Statement on Senate Action on Financial System Reform Legislation

I am pleased by the overwhelming, bipartisan passage of historic financial services legislation by the Senate today. I hope the House will do the same shortly and send it to me for my signature.

This legislation will help the American financial services system play a leading role in propelling our economy into the 21st century, continuing the longest peacetime economic expansion in our history. Eliminating barriers to financial services competition will allow American companies to better compete in the global economy. And consumers will benefit from greater choice of services at lower costs.

By preserving the Community Reinvestment Act and protecting consumer privacy, we have ensured that all Americans will benefit from this historic legislation.

Even after enactment, our work in the financial services area, particularly with respect to financial privacy and consumer protection, will continue. But today's action by the Senate is a historic step forward for our economy.