NEWS RELEASE

Washington, D.C. – While chairing part of today’s (Thursday, Nov. 19) Joint Economic Committee hearing, U.S. Senator Amy Klobuchar questioned U.S. Treasury Secretary Timothy Geithner about the Administration’s plans to reform the financial regulatory system.

“When Wall Street gets a cold, Main Street catches pneumonia,” said Klobuchar. “Small businesses are the engines that drive job creation in this country, and they need better access to credit.  I want to make sure small businesses can keep their doors open and start hiring again.  My number one priority is jobs, jobs, jobs.”

Last month, Klobuchar and 32 other Senators wrote to President Obama, urging the Treasury Department to use existing TARP funds to facilitate small business lending.  Today, Klobuchar pressed Secretary Geithner on plans to implement this proposal.

Klobuchar also renewed her call for comprehensive financial regulatory reform, specifically urging for reform of credit rating agencies.  Klobuchar was the first to join with Senator Jack Reed of Rhode Island to cosponsor the Rating Accountability and Transparency Enhancement Act, a bill to reform the credit rating industry by improving its accountability and transparency.