[Congressional Record Volume 156, Number 101 (Thursday, July 1, 2010)]
[Extensions of Remarks]
[Page E1285]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   CONFERENCE REPORT OF H.R. 4173, DODD-FRANK WALL STREET REFORM AND 
                        CONSUMER PROTECTION ACT

                                 ______
                                 

                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                        Wednesday, June 30, 2010

  Mr. HOLT. Mr. Speaker, I rise in support of tile Wall Street Reform 
and Consumer Protection Act.
  I frequently talk with central New Jersey residents who are 
frustrated with the reckless way Wall Street and big banks gamed the 
system with exotic financial schemes, while families and small 
businesses paid the price.
  Wall Street reform will protect consumers from deceptive business 
practices and hidden fees through the creation of a Consumer Financial 
Protection Bureau. Reform also will protect homebuyers from some of the 
worst predatory lending practices that contributed to the financial 
meltdown of 2008.
  Reform finally will restore accountability to Wall Street. Banks no 
longer will be able to gamble with depositors' savings for their 
profits. Unregulated derivatives--called ``financial weapons of mass 
destruction'' by Warren Buffett--will now be traded in the open. 
Stockholders will vote on executive pay. And hedge fund managers will 
have to come out from the shadows and register with the Securities and 
Exchange Commission.
  Reform will prevent taxpayer-funded bailouts of financial giants, 
establishing an orderly process for liquidating failing companies that 
will be paid for by their investors and creditors--not taxpayers.
  While no bill is perfect, this is the strongest reform since the 
Great Depression. It will put the cops back on the beat on Wall Street 
and will help give Americans confidence that the system works for 
individuals, families and small businesses--not big banks.

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