From House Education and Labor Committee Chairman George Miller, D-Martinez:
“Today’s vote to hold Wall Street accountable is a triple win — for families, small businesses, and consumers in our community. Every family in my congressional district has suffered from this devastating economic recession, the worst to hit our country since the Great Depression. And it was caused through a combination of greed on Wall Street and a culture among Washington Republicans under President Bush who turned away from any accountability for financial firms.
“The effects have been severe — sustained double-digit unemployment, too many Bay Area homes going into foreclosure each month, small businesses in shopping centers around the Bay Area fighting to stay alive but starved for credit. We cannot, and I will not, leave this system of greed and unaccountability unchanged.
“In addition to other steps we have taken to rescue the economy and create jobs, this bill protects consumers through common sense rules to stop predatory lending and bar mortgage offers to people who can’t afford them. It prevents lenders from getting bonuses for steering borrowers into higher cost loans, and enhances penalties for lenders making irresponsible loans,” Miller said.
“This bill, while it is only a first step at holding Wall Street accountable, is still the greatest single improvement to financial accountability in America in generations. One bill alone cannot avert a crisis, we all know that. But this bill will make a huge difference in our ability to try to prevent future crises and to better respond to them if they occur, and it will better protect consumers day by day from unscrupulous practices” Miller added. “For too long, reckless deregulation and Wall Street greed were the hallmarks of our financial system and left us in financial chaos. This bill ends that dangerous setup and provides one more step in our ongoing effort to get the American economy back on its feet.”
From Rep. Barbara Lee, D-Oakland:
“It is insensible that hard working families in my home state of California and across this country continue to fall victim to the recklessness and greed of Wall Street, the same Wall Street that relied on tax-payer dollars to keep raking in the profits and shelling out billions in bonuses.”
“It is time that we start reinvesting our resources in the people of this country to provide pathways out of poverty and get people back to work. It is time we stood up on behalf of the consumer. This legislation will protect consumers from fraud and provide Californians with financial security. It is definitely a step in the right direction.”
But, from House Minority Leader John Boehner, R-Ohio:
“Americans have suffered through a serious financial meltdown that destroyed millions of jobs and wiped out the savings of millions of American families. A devastating meltdown slowed our economy and raised new doubts about whether it’s even possible any longer to pursue the American Dream. Unfortunately, this bill will do nothing to prevent it from happening to the American people again. This legislation will actually kill more jobs, widen the gap between Wall Street and Main Street, and force taxpayers to fund permanent bailouts for President Obama’s Wall Street allies.
“The fact of the matter is, the financial meltdown was triggered by government mortgage companies giving too many high-risk loans to people who couldn’t afford them. And it was the policies of the leadership of this Congress that allowed it to happen. This legislation will do nothing – nothing – to fix those mistakes. Permanent bailouts for President Obama’s Wall Street allies and more job-killing mandates for Main Street is not reform – it’s just more of the same broken status quo. Republicans have a better solution that ends the bailouts, ends ‘too big to fail,’ and reforms Fannie Mae and Freddie Mac.”
More after the jump…