[Congressional Record Volume 155, Number 185 (Thursday, December 10, 2009)]
[Extensions of Remarks]
[Page E2937]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2009

                                 ______
                                 

                               speech of

                          HON. BRUCE L. BRALEY

                                of iowa

                    in the house of representatives

                      Wednesday, December 9, 2009

       The House in Committee of the Whole House on the State of 
     the Union had under consideration of the bill (H.R. 4173) to 
     provide for financial regulatory reform, to protect consumers 
     and investors, to enhance Federal understanding of insurance 
     issues, to regulate the over-the-country derivatives markets, 
     and for other purposes:

  Mr. BRALEY of Iowa. Madam Chair, I strongly support the Wall Street 
Reform and Consumer Protection Act and urge my Colleagues to vote for 
this bill.
  I'm proud to chair the Populist Caucus. One of our founding 
principles is to fight for America's working families. For the past 
eight years, our economic policies have put the interests of Wall 
Street ahead of Main Street. Wall Street and big bank executives 
exploited loopholes and gambled with our money, which last year led us 
into the worst financial crisis since the Great Depression. And while 
some big banks continue to accept excessive compensation and bonus 
packages, America's middle class families are still struggling.
  The firms that received more than $350 billion in federal TARP funds 
increased executive compensation by an average of four percent last 
year. This is outrageous and unacceptable. This legislation will 
provide shareholders of public companies an annual vote on executive 
compensation and help reign in excessive executive compensation.
  The Wall Street Reform and Consumer Protection Act will hold Wall 
Street and big banks accountable by ending the practice of ``too-big-
to-fail,'' so that America's taxpayers and middle class families are 
never again forced to pay off Wall Street's gambling debts. It will 
manage financial crises by requiring banks and other financial 
institutions worth at least $50 billion in assets to foot the bill for 
any bailouts in the future.
  As we rebuild our economy, we must implement common-sense rules so 
that big banks and Wall Street don't jeopardize this recovery at the 
expense of hard-working Iowa families. This bill protects consumers 
from predatory lending abuses and finally brings transparency and 
accountability to an out-of-control financial system. It is about time 
that we put Main Street ahead of Wall Street. Thank you for taking up 
this important legislation.

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