[Congressional Record Volume 155, Number 190 (Tuesday, December 15, 2009)]
[Extensions of Remarks]
[Page E3004]
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. RON KIND

                              of wisconsin

                    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. KIND. Madam Chair, I rise today in support of H.R. 4173, the Wall 
Street Reform and Consumer Protection Act of 2009.
  Over the past year, we became aware of many financial practices which 
were abusive and reckless. We're putting an end to those practices and 
making ``too big to fail'' a thing of the past. Americans will no 
longer be responsible for the bad business calculations and 
irresponsible behavior that almost brought down our entire economic 
system. This bill effectively ends the notion of a government guarantee 
by allowing large, systemically risky institutions to fail at their own 
expense and in a way that doesn't jeopardize the whole U.S. financial 
system.
  The legislation holds Wall Street accountable through increased 
transparency and regulation of risky practices. A new systemic risk 
regulator will monitor financial activity across the whole sector to 
identify risks and irresponsible behavior and prevent them from 
becoming a problem for individual investors and the entire economy. The 
bill also establishes an orderly process for dismantling large, failing 
companies--at their own expense, and requires that stockholders and 
executives take a financial hit if risky deals fall through, ensuring 
an end to taxpayer funded bailouts.
  This bill effectively reforms our financial system without unduly 
restricting appropriate risk- taking. This is pro-business, anti-
bailout legislation that aims to address the flaws in the current 
system in a targeted manner to minimize the burden on those who did not 
cause the crisis, like Community Banks and Credit Unions--most of whom 
will be exempt from additional oversight by the Consumer Financial 
Protection Agency, CFPA.
  We are addressing the fractured oversight that exists in our current 
system. In creating a Consumer Financial Protection Agency, we will 
establish a baseline for consumer financial protection and target the 
appropriate financial institutions. If we are willing to demand that 
products used by our children are reviewed for safety, we should demand 
appropriate oversight for the financial products we use to pay for 
their college. More broadly, the CFPA will ensure that all consumers 
have a watchdog to protect them against financial institutions engaging 
in abusive or deceptive practices.
  This bill focuses on reforming the system so that we maximize the 
good and minimize the harm, and I am proud to support it.

                          ____________________