[Congressional Record Volume 155, Number 192 (Thursday, December 17, 2009)]
[Extensions of Remarks]
[Page E3053]
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. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                       Friday, December 11, 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:

  Ms. McCOLLUM. Madam Speaker, I rise in strong support of the Wall 
Street Reform and Consumer Protection Act (H.R. 4173). This legislation 
will finally bring accountability to big banks and ensure families are 
protected from high-stakes Wall Street speculation. I thank Chairman 
Frank, the House Leadership, and all of my colleagues who have worked 
to shape this important legislation.
  It was one year ago that our country's financial system stood on the 
brink of collapse. The failure of large financial institutions such as 
Bear Steams and Lehman Brothers quickly led to sinking home prices, a 
collapse in retirement savings, and job losses on a scale not seen 
since the Great Depression. Today this Congress faces a choice. We can 
cling to the failed policies of lax regulation that nearly drove our 
economy off a cliff, or take decisive action to prevent another crisis 
of this proportion by passing H.R. 4173.
  This legislation combines eight separate reform measures into one 
comprehensive package. H.R. 4173 establishes a new Consumer Financial 
Protection Agency to protect Americans from unfair and abusive 
financial practices and to bring needed transparency and accountability 
to the financial system. It regulates the exotic debt instruments that 
contributed to the unraveling of our financial markets. And this bill 
reigns in Wall Street excess by banning egregiously high executive 
bonuses and giving shareholders input on executive compensation.
  In addition, H.R. 4173 will put an end to ``too big to fail'' 
financial firms. American taxpayers should never again be called upon 
to rescue large financial institutions because their failure threatens 
to bring down the entire financial system. This legislation creates a 
Dissolution Fund, paid for by the industry, which would be used to 
dismantle failing financial institutions in an orderly manner and 
without taxpayer assistance.
  The Wall Street Reform and Consumer Protection Act is vital to our 
economic security because it will restore confidence in our financial 
system--an essential step toward rebuilding our economy. Although this 
bill is not perfect, my constituents and all citizens across the nation 
should recognize H.R. 4173 as a tremendous step in the right direction.
  Once again, I thank Chairman Frank for his leadership and I urge my 
colleagues to join me in supporting this important legislation.

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