[Congressional Record Volume 155, Number 186 (Friday, December 11, 2009)]
[Extensions of Remarks]
[Page E2983]
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. JAMES L. OBERSTAR

                              of minnesota

                    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:

  Mr. OBERSTAR. Madam Chair, I rise in strong support of the Wall 
Street Reform and Consumer Protection Act. This legislation will 
protect consumers, end the concept that an institution is ``too big to 
fail'', and ensure that the American people never again have to be the 
lifeline for failing Wall Street firms.
  The failure of President Bush and a Republican Congress to regulate 
financial markets and to reign in excessive greed has had devastating 
consequences for families in northeastern Minnesota and across this 
country. In short, we have lived through the worst financial crisis 
since the Great Depression. Irresponsible lending and bets by 
speculators against the housing market led to a mortgage meltdown that 
sent the Nation into a deep recession. By the fall of 2008, the failure 
of major Wall Street firms put in jeopardy our entire economy and 
threatened jobs in every community. Families watched as the value of 
their college and retirement investments were decimated. Excessive 
greed threatened the very livelihood of most Americans.
  As families in my district have been facing layoffs, stagnant wages, 
and reduced hours, the greed of Wall Street has shown no restraint. 
Last year, the Nation's nine largest banks ran up more than $81 billion 
in losses, and they accepted tens of billions of dollars in emergency 
aid from taxpayers. The culture of Wall Street led these institutions 
to respond with more than $33 billion in bonuses. Where else is such 
reckless performance so highly rewarded?
  Today, the House takes a bold step towards changing the rules of Wall 
Street. In the e-mails and phone calls that I have received from across 
Minnesota, my constituents have sent a resounding message. They work 
hard to earn their pay, to pay their bills, and hopefully, to have a 
little left over at the end of the month. They play by the rules, and 
expect others to do the same. This legislation places Wall Street under 
some of the common-sense rules that people on Main Street live by every 
day. That means no institution is ``too-big-to-fail'', failure will not 
earn a taxpayer-funded bailout, speculators will no longer be able to 
hide behind an unregulated marketplace, shareholders will be given a 
say on executive compensation, and consumers will be protected from 
confusing and abusive financial products.
  My constituents have asked me to focus on creating jobs. This 
legislation is part of that effort, and I am pleased to support this 
necessary reform.

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