[Congressional Record Volume 155, Number 189 (Monday, December 14, 2009)]
[Extensions of Remarks]
[Page E2991]
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 R. LANGEVIN

                            of rhode island

                    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. LANGEVIN. Madam Chair, I rise in strong support of H.R. 4173, the 
Wall Street Reform and Consumer Protection Act, which will rebuild our 
economy and crack down on Wall Street to prevent another economic 
collapse caused by institutions that are ``too big to fail.''
  Over the past year, I, like many Rhode Islanders, have been angered 
by the greed exhibited by Wall Street and other companies that took 
advantage of their investors, preyed on our constituents, and rewarded 
executives with outrageous pay packages. With this bill, consumer 
protection will come first, and irresponsible companies will be held 
accountable for their actions.
  H.R. 4173 establishes the Consumer Financial Protection Agency, which 
will protect families and small businesses by ensuring that bank loans, 
mortgages, credit cards and other financial products are fair, 
affordable and transparent. Merchants will be excluded from the 
oversight of the CFPA, and small banks and credit unions will not be 
subject to undue regulatory burdens. However, the CFPA will play a 
backup role if the primary regulators fail in their oversight 
responsibilities.
  This measure also establishes an orderly process for dismantling 
large, failing financial institutions like AIG or Lehman Brothers, 
which will protect taxpayers and prevent collapse throughout the rest 
of the financial system. These large institutions will pay into a fund 
that will be tapped if a company faces dissolution. There will be no 
more taxpayer bailouts for these ``too big to fail'' institutions.
  Additionally, H.R. 4173 responds to the failure to detect frauds like 
the Madoff scheme by ordering a study of the entire securities 
industry. This measure will also increase investor protections by 
strengthening the Securities and Exchange Commission and boosting its 
funding level. For the first time ever, the over-the-counter 
derivatives marketplace will be regulated under this bill and hedge 
funds will have to register with the SEC. It also takes steps to reduce 
market reliance on the credit rating agencies and impose a liability 
standard on the agencies.
  I would like to thank the committees for their work on this bill, and 
especially want to thank Chairman Frank for his leadership on this 
strong reform measure. I encourage all my colleagues to vote for this 
bill.

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