Frank Pallone: “The economic meltdown was one of the most disastrous economic events in the Nation's history. The banks were the main…”

“The economic meltdown was one of the most disastrous economic events in the Nation's history. The banks were the main culprits, but the Republicans in Washington aided and abetted them by deregulating finances and turning the other way when problems surfaced. Now the House has passed the Wall Street Reform and Consumer Protection Act. It ends bailouts by helping ensure taxpayers are never again on the hook for Wall Street's risky decisions. It protects families' retirement funds, college savings, homes and businesses' financial future from unnecessary risk by executives, lenders, and speculators. And it also protects consumers from predatory lending abuses, fine print, and industry gimmicks. Mr. Speaker, we passed this bill in the House. It must pass in the Senate and go to the President. But we as Democrats are making a difference in trying to prevent another economic meltdown.”