[Congressional Record Volume 155, Number 186 (Friday, December 11, 2009)]
[Extensions of Remarks]
[Pages E2975-E2976]
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. EARL BLUMENAUER

                               of oregon

                    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 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:

  Mr. BLUMENAUER. Madam Chair, like many pieces of major, ground-
breaking legislation, today's product is a hybrid, combining some good 
with some questionable provisions. On balance, I think the product is 
positive and begins a step towards reorienting the protections in our 
financial system to deal with families, consumers, and the integrity of 
our institutions. The potential meltdown we faced last fall, the 
bursting of an unsustainable housing bubble, and radically flawed and 
abusive financial practices are among the many sources to blame. So, 
unfortunately, were a too lax financial regulatory system and Federal 
Reserve that in too many cases enabled reckless behavior.
  There's plenty of blame for past administrations and Congresses that 
were too interested in the collection of special interests to 
appropriately protect the public interest. To be sure, some of this 
blame rests at the footsteps of American consumers, a few of whom 
actually abused the system themselves, too many of whom were simply 
uninformed or did not exercise their own due diligence. On balance, it 
was the system that failed and we are all paying the price and will for 
years to come.
  This legislation, while the result of a number of compromises, is an 
important step towards rebalancing priorities and strengthening the 
protective institutions. I voted in favor of this as a symbol of 
support for a longer-term process of reform. This is the launch of an 
extensive process, and it represents a landmark.
  Passing the most significant reform bill in decades is an 
accomplishment that I hope will lead to productive action from the 
Senate, legislation the President can sign, and, most important, a 
commitment to continue the process of protection and reform to strike 
the right balance--legislation and a regulatory process that protects 
citizens with a touch as light as possible while still being able to do 
the job. Hopefully, this will inspire everybody--in Congress, in the 
administration, in the regulatory agencies, in the industry, and in 
American homes--to play the roles that only they can assume so that the 
horrific abuses of the financial system become a distant memory.

[[Page E2976]]



                          ____________________