WASHINGTON, DC - After Senate Banking Committee Chairman Christopher Dodd (D-CT) today introduced Wall Street reform legislation, U.S. Senator Jack Reed (D-RI), a senior member of the Banking Committee, issued the following statement:

"As Chairman Dodd said: the time to act has arrived. We need to start the process of restoring fairness, increasing transparency, and protecting taxpayers. That's what reforming Wall Street is about and that is why I'm pleased Chairman Dodd has put this proposal forward.

"Our current financial regulations are outdated and in some areas non-existent. We can't permit the status quo that has allowed banks to profit at taxpayer expense and denied regulators the tools and authority they need to keep pace with a rapidly changing and expanding financial marketplace.

"I am ready to move forward on this process, and I hope we can get bipartisan support to protect taxpayers and curb the reckless practices that too many Wall Street banks engaged in.

"These reforms will help strengthen the economy in the short term while preventing future systemic failures."