NAACP Statement on Vice President Biden’s Comments Addressing Wall Street DeregulationAugust 21, 2012
(Washington, DC) – The NAACP released the following statement regarding Vice President Joe Biden’s campaign trail comments on deregulating Wall Street:
“Vice President Joe Biden’s remarks must be examined for the content of the financial issues facing all Americans, as well as the context in which they were offered,” said Hilary Shelton, Director of the NAACP’s Washington Bureau and Senior Vice President for Policy and Advocacy. “We have seen the results of an unregulated Wall Street – a collapsed banking system and tens of thousands of Americans losing their homes and jobs. The NAACP supports efforts, including the Dodd-Frank Wall Street Reform Act, that began regulating and monitoring the financial services industry and for the first time. Wall Street is no longer able to exploit and take advantage of Americans. We strongly support maintaining regulatory oversight over an industry with a troubling history of economic exploitation and support of predatory lending practices, from which America has still not fully recovered. We encourage a “substantive debate” on economic policies and issues geared at lifting up and strengthening “Main Street”, as proposed by all candidates. As such, we must not allow these intended distractions lodged by some to divert Americans as we prepare for the November election.”
Founded in 1909, the NAACP is the nation's oldest and largest civil rights organization. Its members throughout the United States and the world are the premier advocates for civil rights in their communities, conducting voter mobilization and monitoring equal opportunity in the public and private sectors.