[Congressional Record Volume 155, Number 189 (Monday, December 14, 2009)]
[Extensions of Remarks]
[Page E2993]
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. CHRIS VAN HOLLEN

                              of maryland

                    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. VAN HOLLEN. Madam Chair, I rise in support of the Wall Street 
Reform and Consumer Protection Act of 2009 and the comprehensive 
approach it takes to reining in systemic risk, curbing excessive 
speculation and restoring transparency, accountability and oversight to 
our financial system.
  In the wake of the worst financial crisis since the Great Depression, 
the Democratic majority has launched a series of deliberate and wide-
ranging initiatives to stem that crisis--and those initiatives are 
clearly working.
  Our economy is no longer in free fall. Markets are sharply up. 
Foreclosures are starting to come down. The vicious spiral of job 
destruction we inherited from the past Administration is now slowing.
  We know we are headed in the right direction--but we also know there 
is more work to do. We will not stop until our economy has fully 
recovered, there is a good-paying job for every American who wants one, 
and we have launched a new era of broadly shared American prosperity.
  This legislation represents the next step on our nation's road back 
to recovery. To make sure we never have another AIG, this bill 
establishes a Financial Stability Council charged with the exclusive 
mission of identifying and regulating systemic risk. In the future, a 
Systemic Dissolution Fund will be able to safely wind down failing 
firms so that taxpayers aren't left holding the bag. To protect 
consumers, today's legislation creates a new Consumer Financial 
Protection Agency to police our markets for abusive financial products 
and services. We are bringing transparency and oversight to our 
derivatives markets. Investors will get a better shake, credit rating 
agencies will face reforms and shareholders will get a ``say on pay.''
  I want to commend Chairman Frank, Chairman Peterson and their staffs 
for their hard work on this legislation. I urge my colleagues' support.

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