[Congressional Record (Bound Edition), Volume 156 (2010), Part 5]
[House]
[Page 7120]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           REGULATORY REFORM

  (Mr. QUIGLEY asked and was given permission to address the House for 
1 minute.)
  Mr. QUIGLEY. Mr. Speaker, I rise today because Wall Street reform 
needs to happen today. Lehman Brothers and AIG collapsed over a year-
and-a-half ago, but our regulators still lack the basic power to 
enforce consumer financial protections and prevent future taxpayer 
bailouts of large financial firms.
  Wall Street reform will safeguard against the deceptive financial 
products that destabilized the entire economy and caused the crisis. 
Wall Street reform will establish an orderly process to shut down large 
failing financial firms like AIG or Lehman Brothers at no cost to 
taxpayers. Wall Street reform will protect investors from fraudulent 
investments like Madoff's $65 billion Ponzi scheme. Wall Street reform 
will ensure that consumers aren't steered to bad, unaffordable 
mortgages when they qualify for good ones.
  We need Wall Street reform now to ensure we never repeat the events 
of the financial crisis.

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