[Congressional Record (Bound Edition), Volume 154 (2008), Part 15]
[House]
[Page 20804]
[From the U.S. Government Publishing Office, www.gpo.gov]




    McCAIN DEREGULATION AGENDA WOULD BE DISASTROUS FOR MIDDLE CLASS 
                               AMERICANS

  (Mr. PALLONE asked and was given permission to address the House for 
1 minute.)
  Mr. PALLONE. Mr. Speaker, the crisis on Wall Street is a direct 
result of the Bush administration's refusal to properly regulate the 
financial industry. Unfortunately, Senator McCain is a strong supporter 
of deregulation.
  In March, Senator McCain said, ``I am always for less regulation . . 
. I'd like to see a lot of the unnecessary government regulations 
eliminated.'' In May he told the Wall Street Journal, ``You are 
interviewing the greatest free trader you will ever interview, and the 
greatest deregulator you will ever interview.''
  Senator McCain even endorses extending the same kind of regulation 
that has created chaos in the financial industry to our health care 
system. In an opinion piece this month, the Senator writes, ``Opening 
up the health insurance market to more vigorous nationwide competition, 
as we have done over the last decade in banking, would provide more 
choices of innovative products less burdened by the worst excesses of 
State-based regulation.''
  Mr. Speaker, our Nation can't afford another 4 years of Wall Street 
running amok. It's time for change, and that is not Senator McCain.

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