[Congressional Record Volume 156, Number 99 (Tuesday, June 29, 2010)]
[House]
[Page H4915]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            FINANCIAL REFORM

  (Ms. CHU asked and was given permission to address the House for 1 
minute.)
  Ms. CHU. Madam Speaker, when you buy a car, you expect to put a key 
in the ignition and go. When you eat at your favorite restaurant, you 
expect a memorable meal.
  When the California Public Employees' Retirement System invested in 
mortgage funds with AAA ratings, it expected a safe, steady return. 
Instead, it lost $1 billion when subprime mortgages, which were hidden 
in the funds, unraveled--wiping out the pensions of millions of public 
employees and leaving taxpayers high and dry.
  The Wall Street reform bill ensures this won't happen again. It ends 
taxpayer bailouts. It lets investors know what they are buying, and it 
makes sure banks are never too big to fail. That is why I am backing 
this bill, and am helping those 1.6 million California retirees and 
countless others across America.
  A vote against this bill is only a vote for the big banks that got us 
in the mess in the first place.

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