Waiving Requirement of Clause 6(a) of Rule XIII with Respect to Consideration of Certain Resolutions

Floor Speech

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Ms. LINDA T. SÁNCHEZ of California. Mr. Speaker, I rise today on behalf of taxpayers in California who will no longer be on the hook when Wall Street fails. This body has spent the last 3 years dealing with the fallout from the financial crisis. In my district in southern California, we've seen lost jobs, homes, businesses, and shattered dreams of financial security.

These challenges were in large part the result of an ineffective, and in some places, nonexistent regulatory system. This encouraged risk and allowed financial institutions to operate in a lawless environment where there were no consequences for their actions.

The legislation that we put forth today seeks to fix those failures and provide families nationwide with the security of knowing that future financial challenges will be the result of honest markets, not crooked traders. Honesty is what this bill is about. We all support a free market and the ability of each business to succeed or fail on its own merits. This landmark legislation allows that competition to take place on a level playing field. It will help prevent another crisis like the one we're still recovering from.

I'm surprised that there's opposition to this legislation. After what our country has been through, how can anyone oppose bringing credit default swaps out into the sunshine? How can anyone oppose allowing shareholders a say on executive compensation? Or a framework that prevents future bailouts by allowing companies that deserve to fail because they're engaging in risky practices to fail?

Families in the 39th District of California will be more secure because of the action that we are taking today.

I thank our leadership, Chairman Frank, and the conferees for their hard work and urge my colleagues to pass this legislation.

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