I would like to thank my colleagues for this opportunity to express my strong support of the work being done to crack down on Wall Street and enact reform to prevent another economic collapse from endangering American families.  I was proud to vote for the Wall Street Reform and Consumer Protection Act this past December, and I look forward to voting for its final passage into law this year.

In my home state of Rhode Island, we are still feeling the repercussions of the Great Recession.  With an unemployment rate of 12.6 percent, we are tied for the third highest unemployment rate in the nation.  While many Wall Street banks were propped up with taxpayer funds last year, our small businesses on Main Street are struggling to keep their doors open. 

Over the past few years, I, like many Rhode Islanders, have been angered by the greed exhibited by Wall Street and other companies that took advantage of their investors, preyed on our constituents, and rewarded executives with outrageous pay packages.  This week, we heard Goldman Sachs executives testify before the Senate that they are not to blame for bad investment deals that were based on the mortgage market and added to its collapse.

This testimony is a slap in the face to hard-working Americans, small business owners and everyone else who played by the rules only to find themselves devastated by the economic downturn.  And it should convince every member of this body to prioritize legislation that puts consumers first, and demands accountability of our regulators and financial institutions.  Sadly, Wall Street has been fighting such reform tooth and nail when in fact they should be embracing our efforts to ensure that the rules are clear, the system is transparent and the playing field is even.  Once again, I urge the financial sector to join us instead of fighting us – if your practices are legitimate, you should have nothing to fear from this legislation. 

The reckless actions of Goldman Sachs and other financial institutions provide a clear illustration of why we need to place a greater importance on good corporate governance.  We must create an environment in which businesses take care of -- and are held accountable to -- their shareholders, employees and customers.  Companies should be encouraged to have sustainable environmental policies and practices, solid workplace relations and produce safe products.

That is why I plan to reintroduce the Federal Employees Responsible Investment Act, which would add a socially responsible investment option to the Thrift Savings Plan.  Making an investment in companies that are committed to corporate responsibility will have a positive impact on our financial system, as well as empower individuals to reward companies that share their values. 

We must do everything in our power to move our economy forward, and I urge all my colleagues, especially those in the Senate, to support legislation that ends Wall Street’s gambling with our hard-earned dollars.  I agree with President Obama when he said last week, “this issue is too important and the cost of inaction is too great.”  My constituents in Rhode Island couldn’t agree more.