WASHINGTON, June 9 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi today named House Democratic Members to the conference committee that will complete comprehensive Wall Street reform legislation. These House conferees will work with their Senate counterparts to send a strong bill to the President for his signature that achieves several key principles: strong consumer protections; transparency and accountability for the financial sector; an end to taxpayer-financed bailouts; and tough oversight of Wall Street to ensure it never again costs us 8 million jobs on Main Street.
The Speaker appointed the following 10 Members of the House Financial Services Committee to the conference committee: Chairman Barney Frank and Representatives Paul Kanjorski, Maxine Waters, Carolyn Maloney, Luis Gutierrez, Mel Watt, Gregory Meeks, Dennis Moore, Mary Jo Kilroy, and Gary Peters.
"The New Direction Congress is sending a clear message to Wall Street: the party is over," Speaker Pelosi said. "No longer will big banks be able to gamble with the hard-earned dollars of America's workers, and no longer will recklessness on Wall Street cause joblessness on Main Street."
"The failed policies of President Bush and the Republican-led Congress produced the worst financial crisis since the Great Depression – and cost millions of Americans their jobs, homes, and retirements. With the leadership and commitment of Chairman Frank and House Democrats to a strong bill that protects consumers, Congress will rein in Wall Street, stand up for Main Street, and ensure the interests of our middle class come first."
Last December, the House passed the Wall Street Reform and Consumer Protection Act http://www.speaker.gov/newsroom/legislation?id=0350 – the most significant effort to restore accountability to the financial system since 1933. This legislation:
- Puts an end to bailouts and the idea of "too big to fail";
- Establishes a new Consumer Financial Protection Agency to protect consumers from lending abuses, fine print and gimmicks -- and empower them to make the best decisions on homes, credit cards, and their own financial future;
- Brings transparency to CEO pay and bonuses when they jeopardize banks' safety and soundness;
- Sheds light on one of the darkest corners on Wall Street -- the over-the-counter derivatives market.
Last month, the Senate passed similar legislation to hold Wall Street accountable, and the conference committee will work to send a final bill to the President's desk as soon as possible.
The complete list of conferees is below:
Committee on Financial Services
Barney Frank, Chair, full committee
Paul Kanjorski, Chair, Subcommittee on Capital Markets, Insurance, and Government
Maxine Waters, Chair, Subcommittee on Housing and Community Opportunity
Carolyn Maloney, Member of Committee
Luis Gutierrez, Chair, Subcommittee on Financial Institutions and Consumer Credit
Mel Watt, Chair, Subcommittee on Domestic Monetary Policy and Technology
Gregory Meeks, Chair, Subcommittee on International Monetary Policy and Trade
Dennis Moore, Chair, Subcommittee on Oversight and Investigations
Mary Jo Kilroy, Member of Committee
Gary Peters, Member of Committee
Conferees on specific portions of the legislation on which their committees have jurisdiction:
Committee on Agriculture
Collin Peterson, Chair, full committee
Leonard Boswell, Chair, Subcommittee on General Farm Commodities and Risk Management
Committee on Energy and Commerce
Henry Waxman, Chair, full committee
Bobby Rush, Chair, Subcommittee on Commerce, Trade, and Consumer Protection
Committee on the Judiciary
John Conyers, Chair, full committee
Howard Berman, Member of Committee
Committee on Oversight and Government Reform
Edolphus Towns, Chair, full committee
Elijah Cummings, Member of Committee
Committee on Small Business
Nydia Velazquez, Chair, full committee
Heath Shuler, Chair, Subcommittee on Rural Development, Entrepreneurship and Trade
SOURCE Office of the Speaker of the House