[Congressional Record Volume 156, Number 111 (Tuesday, July 27, 2010)]
[Extensions of Remarks]
[Page E1429]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         THE RESTORING AMERICAN FINANCIAL STABILITY ACT OF 2010

                                 ______
                                 

                          HON. DANNY K. DAVIS

                              of illinois

                    in the house of representatives

                         Tuesday, July 27, 2010

  Mr. DAVIS of Illinois. Madam Speaker, this is a good opportunity to 
implement Wall Street reform, and help make our financial markets safer 
for everyday American citizens, investors, and small businesses. At the 
center of our efforts today is the concept of power, and what it means 
to those who have it, and those who don't. Baltasar Gracian, a renowned 
Spanish Jesuit writer, once said that ``The sole advantage of power is 
that you can do more good.''
  I think many people would agree with me that the corporations and 
executives on Wall Street have considerable power. The question 
remains, however, whether they are using that power to do good things. 
People will point out, and I agree, that they are making many people 
very wealthy, but at what cost? For too long corporate interests have 
been allowed to dominate decision making in America's financial 
capital, and many times, this has meant unfair and predatory practices. 
As lawmakers, we should set out to make our financial markets a more 
evenhanded place for our citizens, and the consumers that put their 
trust and money on the line.
  One of the key things that H.R. 4173 will do is to create a Consumer 
Financial Protection Bureau, tasked with the responsibility of making 
sure consumer lending practices are fair. Also, under the Volcker rule, 
large financial institutions would no longer be allowed to engage in 
risky trading using federal dollars, supported by taxpayers. Throughout 
the many various initiatives and stipulations in the bill, one theme is 
clear: protecting American citizens, and maintaining a fair market that 
allows both informed consumers and powerful financial markets to thrive 
in tandem.
  H.R. 4173 does not set out to take power away from those on Wall 
Street, but to make sure they use their many strengths and abilities 
for the benefit of the average American investor and small business 
owner. I support H.R. 4173, the Restoring American Financial Stability 
Act of 2010, knowing that the benefits and wealth for the few should 
not come at the cost of the many.

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