Wall Street

Floor Speech

Mr. ARCURI. Mr. Speaker, I understand that one of the biggest issues facing American families today is the cost of living and our economic future.

I'm disappointed that the health of our Nation's financial institutions has come into question as a result of unscrupulous lending and mortgage practices, preceded by years of inadequate regulation of the financial services industry. Republicans and Democrats alike, for too long, have failed to hold unscrupulous financial institutions accountable, and hardworking families across the country are paying the price.

At the same time, I know that many local banks have not engaged in the risky and irresponsible lending practices that led to the economic meltdown that we saw last year. The House-passed reform bill is about cleaning up that irresponsibility and protecting consumers, not about burdening local banks that play by the rules.

I have witnessed firsthand the valuable impacts that small- and medium-sized community banks make on the daily lives of New York's families, helping them buy their first home, finance their small business, and send their children to college. In these tough economic times, it is critical that Congress hold financial institutions to a higher standard while allowing local banks to continue to be able to invest in their communities.

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