[Congressional Record (Bound Edition), Volume 155 (2009), Part 23]
[House]
[Page 30785]
[From the U.S. Government Publishing Office, www.gpo.gov]




               WALL STREET REFORM AND CONSUMER PROTECTION

  (Mr. PASCRELL asked and was given permission to address the House for 
1 minute.)
  Mr. PASCRELL. Mr. Speaker, for 8 years, President Bush's 
administration looked the other way as Wall Street exploited our 
financial system and ignored mounting risks. This failure to regulate 
our markets led to Wall Street gambling with America's livelihood and 
compromised our families' futures and savings.
  Here we go again, making the tough choices that are necessary to 
bring our economy back from the brink of disaster. This great Nation is 
suffering the consequences of a period in our history where living 
beyond our means plagued not only American consumers but also those on 
Wall Street whose greed compelled them to take indefensible risks. The 
market failed us. It certainly wasn't a free market. It's beyond a 
``minor adjustment.''
  Wall Street reform is a critical step as we turn the tide and change 
not only how we deal with our financial sector but also where we lay to 
rest 8 years that marked the most fiscally irresponsible period in our 
Nation's history.
  As we rebuild our economy, we must put in place commonsense rules to 
ensure Wall Street cannot jeopardize our recovery again.

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