Conference Report on the Wall Street Reform and Consumer Protection Act
* Ms. McCOLLUM. Madam Speaker, I rise in strong support of the Wall Street Reform and Consumer Protection Act (H.R. 4173). This legislation will finally bring accountability to big banks and ensure Minnesota families are protected from high-stakes Wall Street speculation. I want to thank my colleagues on the House-Senate conference committee for their hard-fought negotiations to finalize this landmark bill.
* In the fall of 2008, our country's financial system stood on the brink of collapse. The failure of large financial institutions quickly led to sinking home prices, a collapse in retirement savings, and job losses on a scale not seen since the Great Depression. Despite overwhelming opposition from Republicans and relentless lobbying from special interests, Congress has responded with legislation that imposes the toughest regulation of Wall Street in a generation.
* House Republican Leader JOHN BOEHNER told the Pittsburgh Tribune-Review on June 29th, 2010 that these tough new rules are like ``killing an ant with a nuclear weapon.'' I could not disagree more. Wall Street's recklessness cost Americans 8 million jobs and $17 trillion in retirement savings. When Republicans controlled Congress and the White House, they weakened the regulations American families relied upon for protection and left the economy vulnerable to financial crisis. H.R. 4173 restores common sense rules for banks and creates new protections for consumers after a decade of recklessness. The passage of this legislation protects taxpayers and their retirement funds, college accounts, and homes from risky decisions by CEOs, lenders, and speculators. The era of Wall Street gambling with the economic security of the American people is over, and a new age of financial accountability and transparency is about to begin.
* Rebuilding the American economy and putting people back to work requires a stable financial sector that is regulated responsibly. I urge my colleagues to join me in supporting this historic legislation.
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