John Garamendi: “I played football for the University of California in a bygone era, and of course we would never engage in such a thing…”

“I played football for the University of California in a bygone era, and of course we would never engage in such a thing if the referees weren't there. But that's the analogy of exactly what happened in Wall Street. The regulators were absent during the Bush administration. They simply left the playing field. The referees left the playing field. They put the rule books aside and it was Katie bar the door, because anything was allowed. This bill that we voted on today puts tough new regulations in place, regulates this market, and puts in place the referees, strengthens the Securities Exchange Commission.”