PROVIDENCE, RI -- Today, U.S. Senator Jack Reed (D-RI), a senior member of the Banking Committee, released the following statement regarding President Obama's proposed Financial Crisis Responsibility Fee and the importance of strong and timely financial regulatory reforms:

"I support the President's proposal to recoup every last dime of taxpayer dollars spent to stabilize the financial system.

"This is about responsibility and recognizing that American tax payers made a great sacrifice to save our financial system. They did so because they were told by Secretary Paulson, President Bush, and experts that failure to act would have even far worse consequences than what we are currently experiencing. Now it is time for the industry to step up.

"The banking industry brought this crisis on itself. As working families struggle to keep their jobs and homes in the wake of this financial crisis, too many of the financial institutions that caused this recession through reckless lending and risk-taking continue to make millions in profits and pay out enormous bonuses to their executives.

"This proposal would return taxpayer money used to bail out the largest banks and stabilize the financial system, without affecting the important lending and other activities of medium and small banks.

"As we emerge from the worst financial crisis since the Great Depression, it is imperative that we fix our broken financial regulatory system to protect consumers, rein in Wall Street, and prevent future crises. I am fighting to make that happen, particularly through the establishment of a consumer financial protection agency, and I am optimistic that we can pass a strong, bipartisan regulatory modernization reform bill this year."