Mr. Chairman, I move to strike the last word. I rise in strong opposition to the underlying bill and in support of the DeLauro amendment. Mr. Chairman, hardworking families all across America have been whipsawed in recent years by Wall…
Mr. Chairman, I move to strike the last word.
I rise in strong opposition to the underlying bill and in support of the DeLauro amendment.
Mr. Chairman, hardworking families all across America have been whipsawed in recent years by Wall Street and special interests who have had free rein to place bets on mortgages and place bets on future oil prices. And you know what? We fought back. We fought back, and we passed a Wall Street reform law that outlaws risky financial practices by banks and lenders and that protects consumers.
Taxpayers should never, ever again be left on the hook for Wall Street's reckless actions, and yet my GOP colleagues propose to do just that with this bill, let Wall Street off the hook and put consumers and our economy at risk again. This bill significantly cuts the Commodity Futures Trading Commission. The CFTC is a major piece of the landmark Wall Street reform law because the law put cops back on the financial beat into areas where the financial industry was left largely unsupervised. And you know who suffered because of that? American families suffered the firsthand consequences of an unsupervised and unregulated Wall Street.
And now they're proposing a real double whammy to the American family, because my GOP colleagues are pairing their push to put consumers at risk and threaten their economic security with their GOP plan to end Medicare as we know it and undermine retirement security.
I would have hoped that we would have all learned a lesson and that you do not return to the policies of the past that led to the financial meltdown and the economic hardship for all Americans, but it appears that some have not learned that lesson.
And you have to ask why, why are we trying to go back to the same policies that led to the meltdown and led to such pain all across the country that started back in 2007?
I'll tell you why.
I have an article that was published during the debate of the Wall Street reform legislation. It is dated December 8, 2009. The headline reads: ``House Republicans Huddle with Lobbyists to Kill Financial Reform Bill.''
The article continues: ``In a call to arms, House Republican leaders met with more than 100 lobbyists at the Capitol Visitor Center on Tuesday afternoon to try to fight back against financial regulatory overhaul legislation.''
Now, in another article written during the consideration of H.R. 1, the headline reads: ``Industry Looks to Derail Dodd-Frank Enforcement.''
It continues: Republicans ``make no bones about their goal: to defang Dodd-Frank,'' our landmark Wall Street reform law that was put in place to protect consumers and hardworking American families.
[From Roll Call, Dec. 8, 2009]
House Republicans Huddle With Lobbyists To Kill Financial Reform Bill
(By Anna Palmer)
In a call to arms, House Republican leaders met with more
than 100 lobbyists at the Capitol Visitors Center on Tuesday
afternoon to try to fight back against financial regulatory
overhaul legislation.
House Minority Leader John Boehner (R-Ohio) kicked off the
4 p.m. meeting, along with Minority Whip Eric Cantor (R-Va.)
and GOP Reps. Kevin McCarthy (Calif.), Scott Garrett (N.J.)
and Jeb Hensarling (Texas).
``The message was [House Financial Services Chairman
Barney] Frank and the Democratic majority are ruining
America, ruining capitalism, and stand up for yourselves,''
said a lobbyist who attended the meeting. ``They said, `Look,
you all oppose this bill, but only a few of you have come out
publicly.' ''
In addition to asking trade associations to get their
members in Congressional districts to write letters opposing
the legislation, Republicans asked for companies and trade
associations to use their Democratic consultants to gather
intelligence on where members of the Congressional Black
Caucus and the Blue Dog Coalition are in supporting the
legislation.