[Congressional Record (Bound Edition), Volume 156 (2010), Part 5]
[House]
[Page 6074]
[From the U.S. Government Publishing Office, www.gpo.gov]




           IT IS TIME FOR COMMONSENSE REFORM FOR WALL STREET

  (Mr. MURPHY of New York asked and was given permission to address the 
House for 1 minute.)
  Mr. MURPHY of New York. Mr. Speaker, over the last 10 years, 
Washington failed to regulate our financial marketplaces, and some 
people on Wall Street took advantage of that to take ridiculous and 
dangerous risks with dollars that they couldn't back up. This must 
never be allowed to happen again. All across America, we know what 
happened. When Wall Street melted down, Main Street paid the price. 
It's time for us to put in place commonsense reforms to fix this 
system.
  I was proud to support the financial reform that we passed here in 
the House last fall, and I look forward to getting a final bill in 
front of us. We must make sure that taxpayers never again are 
responsible for bailing out failed financial institutions. We must also 
protect our consumers from some of the risky and predatory behavior we 
saw in the marketplace from unregulated organizations pushing mortgages 
that couldn't be afforded. And we've got to inject transparency and 
accountability into our financial system. The fresh light of day will 
disinfect so many of the ills in our financial system.
  This is about more than just reform. It's about strengthening the 
system and strengthening our economy and strengthening all of us in 
this country.

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