2:36 PM EDT
Patrick McHenry, R-NC 10th

Mr. McHENRY. I thank my colleague from Texas for yielding.

Mr. Speaker, I encourage my colleagues to vote ``no'' on this closed rule and to vote ``no'' on the conference report of this so-called ``financial regulatory reform bill.'' I say ``so-called'' because this is not much in the way of reform. It is change. It is manipulation, and it is going to be harmful to the American people.

My district is still mired with high unemployment. We've got over 13 percent unemployment in western North Carolina. The people across this Nation have about 10 percent unemployment nationally. People are hurting. Small businesses in my district are worried about access to credit. Families are worried about being able to keep their credit cards, their checking accounts, and the financial products that they know and like.

Unfortunately, this bill, this legislation, restricts credit, and it makes credit less available and tighter going forward. It makes it harder for the small businesses which are struggling to meet payroll--much less to create jobs--to make ends meet.

Now, the new taxpayer-funded bureaucracy that this legislation creates will intervene in the financial affairs of every single American and not for the better. The results will be fewer loans for people to buy cars, to purchase homes, to go to college, or to start small businesses. To make matters worse--and the kicker with this bill--is that it won't prevent the next crisis. It doesn't even address the root causes of the last crisis.

Certainly, we are in favor of making sure the last crisis we faced doesn't ever happen again. I think we agree on that, Republicans and Democrats. The fact is this bill doesn't address the root causes of the last crisis. So to call this ``reform'' is a sham and a fraud, and I encourage my colleagues to vote against it.