[Congressional Record Volume 156, Number 103 (Tuesday, July 13, 2010)]
[Extensions of Remarks]
[Page E1294]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




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

                                 ______
                                 

                               speech of

                           HON. ANNA G. ESHOO

                             of california

                    in the house of representatives

                        Wednesday, June 30, 2010

  Ms. ESHOO. Mr. Speaker, I rise today in strong support of H.R. 4173, 
the Dodd-Frank Wall Street Reform and Consumer Protection Act. This 
landmark legislation is one of the most critical bills I will vote for 
in Congress. The bill will protect the American people so they are 
never again victimized by Wall Street's reckless behavior which brought 
our economy to its knees, wreaking havoc across the country with over 8 
million jobs lost and a $17 trillion loss in net worth. It makes the 
most sweeping and comprehensive reforms to our financial system since 
the Great Depression.
  The Wall Street Reform and Consumer Protection Act:
  Ends taxpayer-funded bailouts because of Wall Street's risky 
decisions and greed: The legislation clearly states that taxpayers will 
bear no cost for liquidating large, interconnected financial companies;
  Protects families and small businesses from abusive lending 
practices: The legislation creates the Consumer Financial Protection 
Bureau that will ensure bank loans, mortgages, and credit card 
agreements are fair, affordable, understandable, and transparent;
  Stops banks from becoming ``too big to fail'': The legislation 
creates the Financial Stability Oversight Council which is charged with 
identifying and responding to emerging risks throughout the financial 
system. The Council will make recommendations to the Federal Reserve 
for increasingly strict rules for capital, leverage, liquidity, risk 
management and other requirements as companies grow in size and 
complexity, with significant requirements on companies that pose risks 
to the financial system;
  Eliminates grave threats to financial stability in the U.S.: The 
Financial Stability Oversight Council can also break up large, complex 
companies by requiring them to divest some of their holdings--but only 
as a last resort;
  Requires hedge funds and private equity funds to register with the 
Securities and Exchange Commission, which will have more enforcement 
power and funding;
  Eliminates excessively risky practices that led to the financial 
collapse: The bill enhances oversight and transparency for credit 
rating agencies;
  Limits bank executive and CEO risky pay practices: The bill addresses 
egregious executive compensation that jeopardizes the safety and 
soundness of banks. It also allows a ``say on pay'' for shareholders, 
requiring independent directors on compensation committees;
  Assists minority-owned and women-owned businesses: The bill 
establishes an Office of Minority and Women Inclusion at federal 
banking and securities regulatory agencies that will, among other 
things, address employment and contracting diversity matters. The 
office will coordinate technical assistance to and seek diversity in 
the workforce of the regulators;
  Prevents predatory mortgage lending: The bill requires lenders to 
ensure a borrower's ability to repay, prohibits unfair lending 
practices, establishes penalties for irresponsible lending, expands 
consumer protections for high-cost mortgages, requires additional 
disclosures for consumers on mortgages, and provides housing 
counseling.
  We are on the verge of making history today as we prepare to vote for 
the most sweeping financial reform legislation in decades. I'm very 
proud to strongly support this bill and urge every colleague to do so 
as well.

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