Gregory Meeks: “Today is truly a historic day largely because of the great, magnificent job of our chairman, Barney Frank, who we are so…”

“Today is truly a historic day largely because of the great, magnificent job of our chairman, Barney Frank, who we are so proud of. Very few people could have marshaled this bill in the way that he did. And because of him and that leadership, today we end too big to fail. We implement unprecedented consumer protections, and we issue rules that will prevent taxpayers from footing the bill for the irresponsible behavior of others while still--because I'm a New Yorker--maintain New York's standing as the world's financial capital. As Chairman Frank is fond of noting, this bill has death panels for the greedy financial institutions. If you are an institution that is causing systemic risk, this bill allows regulators to resolve you and dissolve you without recourse to any taxpayer money. I repeat. Let me emphasize, taxpayers will bear no cost for liquidating risky interconnected financial firms. This bill includes strong investor protections and transparency mechanisms. Through the use of stress tests, which Representative Dennis Moore and I advocated for and the results of which will be published, it will increase transparency for investors and increase the amount of information available for investors to make wise decisions with their hard-earned savings. Most importantly for my constituents, this bill establishes a Consumer Financial Protection Bureau to police lenders to ensure that the predatory lending that Mr.…”