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

Jul 1, 2010
Press Release
WASHINGTON, D.C. – Today, Congressman Jim Costa voted to protect the Valley’s economy and consumers by passing sweeping legislation to bring accountability and oversight to Wall Street. The Dodd-Frank Wall Street Reform and Consumer Protection Act will put an end to taxpayer-funded bailouts, “too big to fail” banks, and the reckless behavior in the financial industry that brought our economy to the verge of collapse, devastating the savings, retirement funds, and livelihoods of countless Valley residents in the process. Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}

“From the small business owner to our local community banks and working families, our entire Valley paid the price for reckless behavior on Wall Street,” said Costa. “This legislation will help prevent future financial crises while ensuring that Valley 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 financial industry needs.”

Moving forward, Costa stated that our nation must renew its commitment to the real drivers of economic growth in America, specifically Valley agriculture, small business, and middle class families. 

“While this bill takes important steps to shore up our economy, our long-term economic security relies on protecting Valley agriculture, businesses, and families,” said Costa. “This is why securing more water and supporting our farmers, workers, and the middle class continue to be my top priorities in Congress.”

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

Text of the legislation can be viewed here. Highlights of the legislation are copied below.