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Success in our battles and let our prosperity be tempered with generosity. We pray that you keep the United States in your holy protection and that you incline your heart toward us to cultivate a spirit of peace and obedience to both you and your government. Humbly in uld walk that love that was characteristic of your son, the author of our blessed faith. Grant us this prayer through jesus christ, our lord. Amen. The speaker the chair has examined the journal of the last days proceedings and announces to the house his approval thereof. Pursuant to clause 1 of rule 1 the journal stands approved. The pledge of allegiance today will be led by the gentleman from illinois, mr. Quigley. Mr. Quigley i pledge allegiance to the flag of the United States of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. The speaker th ....
This meeting comes to order and this chair is authorized to call recess at any time. This is called two days after the 4th anniversary of the doddfrank wall street reform and Consumer Protection act and we will examine its impact on the Capital Market and the economy. And i recognize myself for four and a half minutes for an opening statement. Doddfrank has been based upon a false premise that deregulation or lack of regulation led us into the crisis. However, in the decade leading up to the crisis, studies have shown that the Regulatory Burden on the financial industry increased. There were few industries that were more highly regulated. The list could go on. We here a lot about wall street greed and i could not agree more. I am curious at what point was there not greed on wall street. I am wondering how that co ....
Their product. Removing this is detrimental to Rural Communities like i represent in washingtest virgin. I will continue to work with the chairman, and i yield back. Chair now recognizes the gen gentlelady from new york. Welcome to chairman frank. We miss you and it is great to see you. This legislation bears your name and was the most sweeping overhaul of Financial Regulation since the great depression. When the Investment Company act of 1940 was passed it was called at the time and i quote the most intrusive financial legislation known to man or beast. That is now the cornerstone of the large and thriving u. S. Mutual fund industry. It is important to remember the postdepression financial form took a long time the implement. The security act was important in 1933 but it wasnt adopted until 1948. 15 years a ....
[inaudible conversations] the Small Business committee will come to order. Before i give my Opening Statement in regard to today subject, i do want to express all of our concerns about the devastation thats taking place in kentucky. The flooding has been just horrible to see. We know these Natural Disasters are very, very hard on a community, and our prayers are with those that been victimized by the flooding. And we recognize there are many needs to how we respond as a nation to deal with this Natural Disaster. And i know our country will do everything we can to see the resiliency of the people in kentucky. I say that particularly knowing about our Ranking Member, senator paul, represents the great stat ....
[inaudible conversations] the Small Business committee will come to order. Before i give my Opening Statement in regard to today subject, i do want to express all of our concerns about the devastation thats taking place in kentucky. The flooding has been just horrible to see. We know these Natural Disasters are very, very hard on a community, and our prayers are with those that been victimized by the flooding. And we recognize there are many needs to how we respond as a nation to deal with this Natural Disaster. And i know our country will do everything we can to see the resiliency of the people in kentucky. I say that particularly knowing about our Ranking Member, senator paul, represents the great stat ....