Here in Missouri, we know about honesty, integrity, and common sense. It is time that Wall Street gets a lesson. The reckless actions of a few speculators on Wall Street have threatened our entire economy.  We must stand up to Wall Street and make sure that our economy and our taxpayers are protected from speculators and scam artists.

 

I have stood up to Wall Street and I am prepared to do it again to make sure that the pensions, 401Ks, and life savings of Missourians will be protected. In the 109th Congress, I introduced H.R. 1638, the Commodities Exchange Improvements Act of 2005, to bring more transparency and stop the market manipulation of natural gas prices. The legislation was met with immediate opposition from traders in New York specifically from New York Mercantile Exchange (NYMEX) and Goldman Sachs.

 

After New York traders and NYMEX were able to stop a similar bill in the Senate, I re-introduced the legislation in this Congress. Last week, the House passed legislation that included the intent of my bill and was broadened to include other energy commodities.

 

It is time to stand up to Wall Street again. The Department of Justice should investigate to see if there was any criminal wrong doing. Congress should hold hearings to make sure this never happens again. CEOs who have bankrupted companies and threatened our economy should not get million dollar bonuses while the life-savings of Missourians disappear into thin air. 

 

We must make sure that this never happens again.