Washington DC – Rep. Jim McDermott (WA-7), Senior Member of the Ways and Means Committee, released the following statement in response to the announcement of a landmark $7 billion settlement between Citigroup and the Department of Justice:

I applaud Attorney General Eric Holder’s announcement of a landmark settlement between Citigroup and the Justice Department. Irresponsible banking and an absence of sound federal regulations did enormous damage to the economy, our budget deficit and, most importantly, working families. Today’s settlement is overdue justice for millions of hardworking American families who lost billions of dollars as a result of Citigroup’s fraudulent dealings in toxic financial assets. Today’s settlement is also a call for further action. Our economy cannot fully recover without sound banking practices, a responsible private sector, and investment in the American people. We must remain vigilant when it comes to regulating the financial sector and we must re-invest in the critical areas damaged by the economic crisis, such as infrastructure and housing.

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