[Congressional Record (Bound Edition), Volume 161 (2015), Part 9]
[House]
[Page 11814]
[From the U.S. Government Publishing Office, www.gpo.gov]




                             DODD-FRANK ACT

  (Mr. FOSTER asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. FOSTER. Mr. Speaker, I rise today to recognize the fifth 
anniversary of the enactment of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act.
  Mr. Speaker, the financial crisis of 2007 was not an accident and not 
an unavoidable by-product of free markets. It was a mistake, a mistake 
driven by ideologically driven deregulation.
  Countries which maintained adequate capital requirements did not 
suffer a financial crisis. Countries which maintained an adequately 
regulated primary and secondary mortgage market did not suffer through 
a housing bubble.
  In response to the crisis, taxpayers stepped in and saved the global 
financial system by stabilizing the marketplace and staving off a 
second Great Depression through economic stimulus.
  To ensure that taxpayers would not be on the hook for the 
irresponsible actions by some on Wall Street, the Dodd-Frank Act 
required that financial institutions hold adequate capital against the 
risks they take and take responsibility for the risks that they sell 
into the market. The Dodd-Frank Act has unquestionably made our markets 
safer and more stable.

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