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Chu Issues Statement on Passage of Wall Street Reform Bill

July 1, 2010
Press Release

Rep. Judy Chu today issued the following statement regarding last night’s passage of H.R. 4173:Restoring American Financial Stability Act of 2010 by the House of Representatives.

"Last night, the House of Representatives took a stand for America’s businesses, workers and consumers.  In passing the Restoring American Financial Stability Act, Congress stood with middle-class families and enacted the toughest Wall Street reforms since the Great Depression.  I am proud to have joined with my colleagues to protect entities like the California Public Employees' Retirement System, which lost $1 billion dollars when subprime mortgages hidden in funds given Triple-A ratings by three separate agencies unraveled – wiping out the pensions of millions of public employees along the way.  The Wall Street Reform Bill makes sure that disasters like this won’t be repeated. It ends taxpayer bailouts, lets investors know what they’re buying and ensures that no bank is ever again too big to fail.”

Congresswoman Chu’s career in politics spans 24 years. She is a member of the House Judiciary Committee, Government Oversight Committee and Education and Labor Committee, where she is working hard to turnaround our nation’s underachieving schools.  Prior to her election to Congress she served three terms as the Assemblymember representing the 49th District, where she chaired the important Assembly Appropriations Committee. A lifelong educator, Congresswoman Chu taught community college classes in Los Angeles and East Los Angeles for 20 years. She holds a Ph.D. in psychology and a B.A. in mathematics.