Wall Street Reform And Consumer Protection Act Of 2009

Floor Speech

The House in Committee of the Whole House on the State of the Union had under consideration of the bill (H.R. 4173) to provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes:

* Ms. FUDGE. Madam Chair, the failure to regulate financial markets led to the worst financial crisis since the Great Depression. Reforming our financial system is one major part of restoring our economy's health. Today this Congress and President Obama are taking effective steps to bring our economy back from the brink of disaster.

* The Act is crucial in curbing the predatory practices of the past. It will protect consumers from predatory lending abuses and industry gimmicks.

* This bill will guard a family's retirement funds, college savings, home, and business from unnecessary risk by executives, lenders, and speculators.

* It will bring transparency and accountability into the financial system.

* I commend Chairman Frank for his tireless efforts to protect the American economy and taxpayers.

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