Bill Pascrell: “First of all, I want to thank the gentleman from Massachusetts for all he has gone through in the last couple of years…”

“First of all, I want to thank the gentleman from Massachusetts for all he has gone through in the last couple of years so that people understand that we do need some regulation. {time} 1610 Now today, my friends on the other side--and I mean that--the stock market hit its highest point since 2008. Isn't that wonderful? And yet we are at 9.2 percent unemployment. Well, I looked at the Treasuries. They're doing very fine. They're doing well. But Main Street isn't; and that's what consumer protection is all about, Main Street. No question about it. We don't want to go back. We don't want to go back to 2007 and 2008. Why? Because the conditions that led to the mess we have now, we don't want those conditions to exist now, and that's what we've been trying to correct, particularly over the last 2 years. Now, here's the consensus, whether you are a European financial person or someone in the United States, here's the consensus: Dodd- Frank puts us more on a level playing field with regard to capital reserve, with regard to too big to fail. Regardless of what we are talking about, we are oceans ahead of our European partners and our allies in addressing these issues because we're addressing the causes of the financial meltdown in the United States and in foreign allies.…”