[Congressional Record (Bound Edition), Volume 155 (2009), Part 23]
[House]
[Page 31843]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      THE WALL STREET REFORM BILL

  (Mr. ARCURI asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. ARCURI. Mr. Speaker, last week, I was proud to stand up with many 
of my colleagues and hold Wall Street accountable for their reckless 
actions that led us into the biggest financial collapse in the last 50 
years. For too long, Wall Street banks were allowed to put short-term 
profits ahead of long-term stability under the Bush administration and 
reaped record profits as a result of their risky and out-of-control 
behavior.
  When the markets collapsed out from under them, this country's 
hardworking citizens were forced to suffer the consequences. The Wall 
Street reform bill we passed increases enforcement and makes necessary 
reforms to hold Wall Street accountable so that it can never again 
recklessly gamble with our financial health and safety.
  The bill also creates a new Consumer Financial Protection Agency to 
prevent borrowers from taking loans that they can't afford and holding 
risky lenders liable for their practices. The CFPA will also protect 
families and small businesses from irresponsible lending practices by 
ensuring that bank loans, mortgages, and credit cards are fair and easy 
to understand.
  Finally, this bill makes it clear that Wall Street will no longer be 
receiving any sort of taxpayer-funded bailouts. The American people 
have pulled together and selflessly acted to help this great country. 
It is time for Wall Street to step up and do the same.

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