WASHINGTON, DC - Tonight, after a procedural vote for Wall Street reform legislation failed to get the 60 votes needed to move forward and begin debate on the measure, U.S. Senator Jack Reed (D-RI), a senior member of the Banking Committee, issued the following statement:

"I am disappointed but not surprised that Republicans chose to filibuster Wall Street reform. After eight years of helping to create this economic mess, Republicans have repeatedly used filibusters to try and defend the status quo.

"This issue has a profound effect on our economy and the financial well-being of all Americans.

"Wall Street executives profited off the financial crisis and hardworking taxpayers had to bail them out. We need new safeguards to ensure that never happens again.

"Democrats put forth a plan to protect taxpayers and reform unsafe Wall Street practices.

"This is about bringing transparency and accountability to Wall Street. Markets work best when there is a level playing field and everyone plays by the same rules.

"Tonight, Republicans succeeded in keeping the debate behind closed doors.

"But I hope it is only a matter of time until we can pick up the support to move forward and bring this debate out into the open. And once we do, I believe you'll see a lot of these no votes quickly turn to yeses and we will get bipartisan support for strong, comprehensive Wall Street reform."