[Congressional Record Volume 156, Number 107 (Tuesday, July 20, 2010)]
[Extensions of Remarks]
[Page E1383]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




CONFERENCE REPORT ON THE WALL STREET REFORM AND CONSUMER PROTECTION ACT 
                              (H.R. 4173)

                                 ______
                                 

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                         Tuesday, July 20, 2010

  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 Minnesota 
families are protected from high-stakes Wall Street speculation. I want 
to thank my colleagues on the House-Senate conference committee for 
their hard-fought negotiations to finalize this landmark bill.
  In the fall of 2008, our country's financial system stood on the 
brink of collapse. The failure of large financial institutions quickly 
led to sinking home prices, a collapse in retirement savings, and job 
losses on a scale not seen since the Great Depression. Despite 
overwhelming opposition from Republicans and relentless lobbying from 
special interests, Congress has responded with legislation that imposes 
the toughest regulation of Wall Street in a generation.
  House Republican Leader John Boehner told the Pittsburgh Tribune-
Review on June 29th, 2010 that these tough new rules are like ``killing 
an ant with a nuclear weapon.'' I could not disagree more. Wall 
Street's recklessness cost Americans 8 million jobs and $17 trillion in 
retirement savings. When Republicans controlled Congress and the White 
House, they weakened the regulations American families relied upon for 
protection and left the economy vulnerable to financial crisis. H.R. 
4173 restores common sense rules for banks and creates new protections 
for consumers after a decade of recklessness. The passage of this 
legislation protects taxpayers and their retirement funds, college 
accounts, and homes from risky decisions by CEOs, lenders, and 
speculators. The era of Wall Street gambling with the economic security 
of the American people is over, and a new age of financial 
accountability and transparency is about to begin.
  Rebuilding the American economy and putting people back to work 
requires a stable financial sector that is regulated responsibly. I 
urge my colleagues to join me in supporting this historic legislation.

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