[Congressional Record (Bound Edition), Volume 155 (2009), Part 20]
[House]
[Page 27826]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       FINANCIAL SERVICES REFORM

  (Mr. ELLISON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. ELLISON. Mr. Speaker, President Bush's policies of deregulation, 
poor regulation, and lack of oversight of our financial system came to 
a head a little more than a year ago, and they brought us the worst 
financial crisis since the Great Depression. As my friends on the other 
side of the aisle talk about unemployment and the stimulus package, it 
is their policies that made all of this necessary in the first place.
  But the Democratic Congress is roaring back to protect consumers, to 
make our financial system more safe and sound, and to provide an 
orderly resolution of financial firms that have failed. Legislation 
being proposed right now will provide unprecedented protections for 
American consumers through the Consumer Financial Protection Agency, 
put procedures in place to make sure taxpayers will never again have to 
bail out too-big-to-fail institutions, restore accountability and 
transparency so that problems are recognized and fixed before they 
threaten the entire economy, outlaw many of the most egregious 
practices, like subprime lending, and put our economy on a stable 
footing.

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