Congressman Tim Walz sat down with local businessmen today to talk about the Wall Street reform bill.News 12's Caroline Rowland has more on what they had to say about the new legislation.Congressman Tim Walz says, "The American dream, the If I work hard if I save, I can buy a home, send my kids to college and all that. People who played by those rules got stuck holding the bag."Congressman Walz heard first hand from people who followed those rules, but suffered greatly with the financial downturn.And people like Joe Lorentz got the chance to tell him what they want out of the Wall Street Reform bill.Joe Lorentz, Owner, Myles Lorentz Inc says, "There needs to be a re-establishment of authenticity, dependability, and on a long term basis and accountability of the people involved so we don't duplicate this situation again."Lorentz, owns Myles Lorentz, a trucking company in Mankato.Since the economy took a turn, he's had to lay off about 30 percent of his employees.He says this legislation needs to be passed to create stability for small business owners like him.Joe Lorentz, Owner, Myles Lorentz Inc says, "I think the rules that are in place now, have been outgrown by the organizations it's trying to control and they no longer fit, we don't have the same truly free enterprise group where competition really prevails."Congressman Walz says, "We saw some people make irresponsible decisions, and we didn't have the regulations in place to stop them."The Wall Street Reform Bill would put stricter regulations on Wall Street CEO's and stop taxpayer bailouts.Walz says, "This is to ensure that we never again see a meltdown of our economy, it brings long-term stability and it makes sure that there is personal responsibility in the folks that did this. They're the ones who are going to pay, not the tax-payers."Mark Draper, Owner of Mankato Electric, says, "I believe congressman Walz has a pretty good handle on what's needed and the importance of the accountability issues that must be there."The House of Representatives passed Wall Street reform earlier this year, and now the legislation is being considered on the floor of the U. S. Senate.The goal is to have the legislation passed by Memorial Day.