[Congressional Record (Bound Edition), Volume 156 (2010), Part 5]
[Senate]
[Page 6116]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      FINANCIAL REGULATORY REFORM

  Mr. TESTER. Madam President, I rise to talk a little bit about the 
Wall Street reform bill that the Senate Banking Committee has been 
working on for the last 6 months. It is my hope we can get this bill 
through this body and off the floor very soon.
  In the past 48 hours, I have been very encouraged by what I have 
heard as far as the progress of negotiations between Chairman Dodd and 
Senator Shelby. I urge my colleagues to keep up the good work but 
remind them that actions speak louder than words and that now is the 
time for action.
  So my message is clear. Let's get this done. I hope we are now at a 
point beyond creating rhetoric, where we can get down to resolving 
outstanding issues in a constructive way. We need to end the era of too 
big to fail once and for all and end taxpayer-funded bailouts that came 
with that too big to fail.
  I voted against both bailouts of Wall Street and the U.S. auto 
industry because I thought taxpayers were getting a raw deal. I do not 
believe in bailouts. But I do believe in making sure there are referees 
on Wall Street to make sure the big banks and the investment firms play 
by the rules to make sure taxpayers and Main Street small businesses do 
not pay the price of the sins of Wall Street.
  The strong resolution authority and prefunding mechanism included in 
this bill will strengthen taxpayer protections. Requiring big Wall 
Street companies to pay into this fund and forcing failing firms into 
bankruptcy is not going to lead to more bailouts; it, in fact, will 
have the opposite effect.
  But if my Republican colleagues have other ideas about how to provide 
strong resolution authority to protect taxpayers, I look forward to 
working with them. So let's stop the rhetoric and get down to the 
business our constituents sent us to do. We need to address the worst 
financial calamity since the Great Depression.
  Let me also say how much I appreciate the work of my colleagues who 
have been willing to talk in a thoughtful way about these issues. I 
wish to say thank you to Senator Corker for speaking the truth, for 
rightly noting that some of the concerns that have been raised in this 
bill could have been resolved in 5 minutes.
  After listening to some of my colleagues on the floor yesterday, I 
think our concerns may be more alike than unalike. I am hopeful we can 
work together to address common concerns.
  Everyone knows we have a pretty good bill. My good friend, Senator 
Shelby, says he agrees with 80 to 90 percent of what is in this bill. I 
am heartened by the newspapers yesterday that we may be close to an 
agreement. I hope that means we now have the political will to address 
substantive concerns and move forward with this bill.
  When I was elected to the Senate, I vowed to make Washington look a 
little bit more like Montana. I hope we can show the people of Montana 
we have the can-do attitude they expect in addressing problems of this 
magnitude and in moving America out of this financial crisis.
  The American people are watching. Montanans are still steaming mad 
about the $700 billion bailout. I, similar to them, have a hard time 
understanding why we have not set the rules yet, rules to prevent the 
risky behavior that got us into this mess nearly 2 years ago.
  Let me say to all my friends in this Chamber: We have waited long 
enough. We simply cannot afford to wait any longer to reform Wall 
Street. Doing nothing is not an option. Passing a watered-down version 
of this bill is also not an option. To do either of those would leave 
us in a vulnerable position, vulnerable to another collapse.
  I yield the floor and I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The bill clerk proceeded to call the roll.
  Ms. LANDRIEU. I ask unanimous consent that the order for the quorum 
call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Ms. LANDRIEU. Madam President, I ask unanimous consent to speak as in 
morning business for up to 5 minutes.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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