[Congressional Record (Bound Edition), Volume 156 (2010), Part 5]
[Extensions of Remarks]
[Page 6068]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      REFORM OF WALL STREET BANKS

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                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                       Wednesday, April 21, 2010

  Mr. HOLT. Madam Speaker, I rise today to join my colleagues and the 
President in calling for comprehensive reform of Wall Street banks, to 
increase disclosure and transparency for the protection of the public 
and the stability of the economy.
  As the President's statement yesterday indicated, at its peak, the 
``Shadow Banking System'' financed approximately $8 trillion in assets, 
which in many instances were mismanaged largely without oversight, 
contributing to the economic collapse at the end of 2008. We are just 
recovering from the economic collapse--but without meaningful reform of 
Wall Street the public will continue to be at risk.
  That is why I supported, and strengthened with several amendments, 
the Wall Street Reform and Consumer Protection Act when it was 
considered in the House in December. The legislation would implement 
important reforms that would limit the ability of financial 
institutions to ``game the system,'' and provide regulators with the 
information they need to identify and manage systemic risk. I urge my 
colleagues to continue to fight for enactment of these necessary 
reforms.

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