[Congressional Record (Bound Edition), Volume 156 (2010), Part 1]
[House]
[Page 686]
[From the U.S. Government Publishing Office, www.gpo.gov]




   INTRODUCING THE FINANCIAL SERVICES INDUSTRY STABILITY ACT OF 2010

  (Mr. DINGELL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DINGELL. Madam Speaker, it is not long since a bunch of 
avaricious, grasping New York bankers caused a replay of 1929 and a 
major collapse of the American economy. They were too big to fail, and 
as a result, this Nation has spent hundreds of billions of dollars 
bailing them out for their wrongdoing. This is intolerable. If we 
cannot regulate these people, the least we can do is see that they are 
properly sized.
  I urge my colleagues to join me in sponsoring the Financial Services 
Industry Stability Act of 2010, which I am introducing today. As Paul 
Volcker, former chairman of the Federal Reserve, said, the institutions 
too big to fail would be that they would ``be sheltered by access to a 
Federal safety net in time of crisis.'' Another former Fed Chair, my 
dear friend Alan Greenspan, said, ``If they're too big to fail, they're 
too big.'' Similarly, Mervyn King, governor of the Bank of England, 
opines, ``If some banks are thought to be too big to fail, then, in the 
words of a distinguished economist, they are too big.'' I urge my 
colleagues to help me cut down these avaricious scoundrels to proper 
size.

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