[Congressional Record Volume 155, Number 186 (Friday, December 11, 2009)]
[Extensions of Remarks]
[Pages E2973-E2974]
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. BARBARA LEE

                             of california

                    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-counter derivatives markets, 
     and for other purposes:

  Ms. LEE of California. Madam Chair, I rise in support of H.R. 4173 
and Chairman Barney Frank's manager's amendment.
  I want to thank the Chairman for his hard work and dedication to 
Comprehensive financial reform and strong protections for consumers. It 
is vital that we have a stand alone agency whose sole mission is to 
protect the rights of consumers.
  For too long our financial regulatory framework put the protection 
and stability of financial institutions first and too often ignored the 
impact on American consumers and retail investors.
  The Consumer Financial Protection Agency will help ensure that Wall 
Street will not be able to bring our economy to the brink of disaster 
ever again.
  I also want to thank Chairman Frank and the members of the Financial 
Services Committee for working with Congresswoman Maxine Waters and the 
Congressional Black Caucus to include several important provisions in 
the bill.
  Specifically, thanks to their focused work, this bill will include $3 
billion in funds to provide relief for unemployed homeowners. It will 
extend credit for the recently unemployed that will help save homes 
from foreclosure.
  This bill will stop the spread of foreclosure rescue scams and 
includes a vital $1 billion increase in Neighborhood Stabilization 
Funds to protect our hardest hit communities.
  Lower income communities and communities of color were targeted for 
these unaffordable and unethical products that are now driving millions 
of families into foreclosure.
  Access to financial services and insurance products for historically 
underserved communities is strengthened.
  The Office of Minority Inclusion, whose goal will be to make sure 
that all Americans have the equal protection of the work of the entire 
Federal financial regulatory framework is included in this bill.
  Fairness of access and opportunity, transparency and strong 
enforcement of securities regulations are vital to bringing our economy 
back from recession and ensuring that the uncontrolled risk taking on 
Wall Street will never again have such a devastating impact on the 
entire economy.
  Again, thank you Chairman Frank, Congresswoman Waters and the 
Financial Services Committee for such an important bill.

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