Congressional Black Caucus Hour
Mr. Speaker, let me begin my thanking my friend and colleague, the gentlewoman from Ohio, Congresswoman Fudge, for anchoring once again tonight's Congressional Black Caucus' special hour. This Congress and President Obama have made tough…
Mr. Speaker, let me begin my thanking my friend and colleague, the gentlewoman from Ohio, Congresswoman Fudge, for anchoring once again tonight's Congressional Black Caucus' special hour.
This Congress and President Obama have made tough choices and taken effective steps to bring our economy back from the brink of disaster. The Recovery Act has already saved or created up to 2.8 million jobs and much of the TARP funding repaid. Now we are taking another key step forward with a final agreement on the Dodd-Frank Wall Street Reform and Consumer Protection Act.
For many months now, members of the Congressional Black Caucus continue to be laser focused on financial reform. We have sought to engage the Obama administration, House and Senate leadership, committee chairs, and our coalition partners to develop a legislative strategy aimed at addressing the needs of millions of Americans who are struggling in this tough, economic environment.
Mr. Speaker, we must reform Wall Street to end risky practices that have caused millions of Americans to lose their jobs, their homes, and life savings. The House passed a financial reform bill that will protect consumers and prevent the irresponsible behavior that caused the financial melt down.
I was proud to join a majority of my colleagues in this body in supporting passage of Wall Street. We are committed to protect American families and their savings.
We ended the practice of ``too big to fail.'' We established safeguards to ensure that the abuses of the past are never again repeated. Mr. Speaker, the House made Wall Street reform a priority.
Every day of delay is one more opportunity for a recurrence of economic uncertainty and even collapse. Last Thursday's roller coaster on the stock market was a clear reminder that we cannot allow a willful lack of responsible oversight to expose American families, American business, and our whole economy to such potential risk.
Mr. Speaker, Members of Congressional Black Caucus continue to support the efforts to reform Wall Street.