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Financial Reform

Floor Speech

By: Judy Chu
By: Judy Chu
Date: June 29, 2010
Location: Washington, DC
Issues: Finance and Banking

Ms. CHU. Madam Speaker, when you buy a car, you expect to put a key in the ignition and go. When you eat at your favorite restaurant, you expect a memorable meal.

When the California Public Employees' Retirement System invested in mortgage funds with AAA ratings, it expected a safe, steady return. Instead, it lost $1 billion when subprime mortgages, which were hidden in the funds, unraveled--wiping out the pensions of millions of public employees and leaving taxpayers high and dry.

The Wall Street reform bill ensures this won't happen again. It ends taxpayer bailouts. It lets investors know what they are buying, and it makes sure banks are never too big to fail. That is why I am backing this bill, and am helping those 1.6 million California retirees and countless others across America.

A vote against this bill is only a vote for the big banks that got us in the mess in the first place.


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