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Rep. Costa Votes to Protect Valley Economy, Hold Wall Street Accountable

July 1, 2010
WASHINGTON,D.C. –Today, Congressman Jim Costa voted to protect the Valley's economy and consumersby passing sweeping legislation to bring accountability and oversight to WallStreet. The Dodd-Frank Wall Street Reform and Consumer Protection Act will putan end to taxpayer-funded bailouts, "too big to fail" banks, and the recklessbehavior in the financial industry that brought our economy to the verge ofcollapse, devastating the savings, retirement funds, and livelihoods ofcountless Valley residents in the process.

"Fromthe small business owner to our local community banks and working families, ourentire Valley paid the price for reckless behavior on Wall Street," said Costa. "Thislegislation will help prevent future financial crises while ensuring thatValley taxpayers don't get stuck bailing out failed banks again. The days of"too big to fail" must end and this bill provides the oversight the financialindustry needs."

Movingforward, Costa stated that our nation must renew its commitment to the realdrivers of economic growth in America, specifically Valley agriculture, smallbusiness, and middle class families.

"Whilethis bill takes important steps to shore up our economy, our long-term economicsecurity relies on protecting Valley agriculture, businesses, and families," said Costa. "Thisis why securing more water and supporting our farmers, workers, and the middleclass continue to be my top priorities in Congress."

TheDodd-Frank Wall Street Reform and Consumer Protection Act is fully paid for andthe nonpartisan Congressional Budget Office estimates that it will reduce thedeficit by $3.2 billion over 10 years. The bill ends "too big to fail"financial firms before risky and irresponsible behavior threatens to bring downthe entire economy. It also strengthens oversight over large banks andfinancial firms, including new regulation of credit rating agencies and riskierhedge funds, derivatives, and other complex financial deals.

Textof the legislation can be viewedhere.Highlights of the legislation are copied below.