[Congressional Record Volume 156, Number 57 (Wednesday, April 21, 2010)]
[Extensions of Remarks]
[Pages E613-E614]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      REFORM OF WALL STREET BANKS

                                 ______
                                 

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                       Wednesday, April 21, 2010

  Mr. HOLT. Madam Speaker, I rise today to join my colleagues and the 
President in calling for comprehensive reform of Wall Street banks, to 
increase disclosure and transparency for the protection of the public 
and the stability of the economy.
  As the President's statement yesterday indicated, at its peak, the 
``Shadow Banking System'' financed approximately $8 trillion in assets, 
which in many instances were mismanaged largely without oversight, 
contributing to the economic collapse at the end of 2008. We are just 
recovering from the economic collapse--but without meaningful reform of 
Wall Street the public will continue to be at risk.
  That is why I supported, and strengthened with several amendments, 
the Wall Street Reform and Consumer Protection Act when it was 
considered in the House in December. The legislation would implement 
important reforms that would limit the ability of financial 
institutions to ``game the system,'' and provide regulators with the 
information they need to identify and manage systemic risk. I urge my 
colleagues to continue to fight for enactment of these necessary 
reforms.
    

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