For too long, we've had a financial system that stacked the deck against ordinary Americans. Banks on Wall Street played by different rules than businesses on Main Street and community banks. Without strong enough regulations, families were enticed, and sometimes tricked, into buying homes they couldn't afford. Banks and investors were allowed to package and sell risky mortgages. Huge reckless bets were made with other people's money on the line.
That behavior not only nearly destroyed the financial system, it cost our economy millions of jobs, hurt middle class and poor families, and left taxpayers holding the bill.
For the past three and a half years, President Obama and Democrats around the country have been fighting to bring the country back from this historic economic crisis. We put in place Wall Street reform with smarter, tougher, commonsense rules that will prevent a crisis like that from ever happening again. We know that the free market only works when there are rules of the road to ensure that competition is fair, open, and honest.
Mitt Romney and the Republicans would roll back financial reform and let Wall Street write its own rules again. The President put in place government reform that has led to the most open, efficient, and accountable government in history. We know that transparent and effective government makes economic sense.
Republicans would continue to allow lobbyists too much sway over lawmakers, leading to gridlock in Washington, an outdated regulatory system, and a tax code riddled with loopholes. The President put in place unprecedented ethics reforms and we're fighting for campaign finance reform. We know that millions of Americans are struggling to get by, and their voices shouldn't be drowned out by millions of dollars in secret special-interest lobbying and advertising.
Mitt Romney's opposition to commonsense campaign finance is nothing less than support for corporate and special-interest takeovers in our elections.
We believe America prospers when everyone, from Main Street to Wall Street, does their fair share and plays by the same rules. We will not back down from making sure an oil company can't take the same reckless actions that led to the kind of oil spill we saw in the Gulf of Mexico two years ago. We will not back down from protecting our kids from toxic mercury pollution, or making sure that our food is safe and our water is clean. We will not back down from ensuring that everyone has a seat at the American table and the opportunity to grab the first rung on the ladder to the middle class.