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Chu Issues Statement on Passage of Wall Street Reform Bill

Statement

By: Judy Chu
By: Judy Chu
Date: July 1, 2010
Location: Washington, DC
Issues: Finance and Banking

Rep. Judy Chu today issued the following statement regarding last night's passage of H.R. 4173:Restoring American Financial Stability Act of 2010 by the House of Representatives.

"Last night, the House of Representatives took a stand for America's businesses, workers and consumers. In passing the Restoring American Financial Stability Act, Congress stood with middle-class families and enacted the toughest Wall Street reforms since the Great Depression. I am proud to have joined with my colleagues to protect entities like the California Public Employees' Retirement System, which lost $1 billion dollars when subprime mortgages hidden in funds given Triple-A ratings by three separate agencies unraveled -- wiping out the pensions of millions of public employees along the way. The Wall Street Reform Bill makes sure that disasters like this won't be repeated. It ends taxpayer bailouts, lets investors know what they're buying and ensures that no bank is ever again too big to fail."


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