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Nancy Pelosi Q&A: Financial Law Reform Is a Modern 'New Deal'

2 years ago
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Love her or not, Speaker Nancy Pelosi's list of legislative accomplishments is formidable. On Wednesday, she capped four years of negotiating, cajoling, compromising and pressuring lawmakers by witnessing President Barack Obama sign the biggest remake of the financial regulatory system since the Great Depression.

Pelosi calls the landmark legislation nothing less than a modern version of the 1930's New Deal.

Since Pelosi became speaker in 2006, she has pushed through the U.S. House of Representatives a half-dozen pieces of transformative legislation, starting with the first increase in the minimum wage in a decade (in 2006). Then came the $787 billion economic stimulus plan and the biggest overhaul of health care and health insurance in U.S. history.

I spoke with Pelosi recently on my PBS program, "To the Contrary." A transcript of parts of the interview follows:

Pelosi: [This week's Wall Street-reform legislation has] the boldness and enthusiasm of the New Deal but with less government. We . . . like to be thinking in entrepreneurial ways, more innovative ways than in previous recent memory. Actually, the New Deal was very innovative in its approach and that was the tradition of America. Our founders were innovators -- they were advocates of an entrepreneurial system, of public-private partnerships, of thinking in fresh ways. From that came the Industrial Revolution and then . . . the technological revolution. Now we'll have a green revolution, and we'll have a revolution in terms of the way we think of our country as we go forward.

Erbé: Financial regulation -- is that as big as the New Deal?

Pelosi: It's very big. The day the president signed the Wall Street Reform and Consumer Protection bill was an historic day for us. His comments at the time were perfect -- perfect about how our financial institutions must thrive and support innovation and grow our economy, and they can do so in a better way with transparency and accountability and without putting the taxpayer at risk and without putting the consumer at risk, and so this is a real change. It's on a par with some of the measures that were passed at the time of the New Deal to address the Great Depression. We're in a deep recession, a financial crisis, and this legislation is very needed, and Barney Frank and Chris Dodd did a masterful job of orchestrating the legislation, and we had to work again with our colleagues here to have legislation that they all could support and address the concerns of their constituents and the taxpayers.

Erbé: A couple of weeks ago someone in [Obama's] administration talked about how the House or Senate could be lost in the November election. If you talk to Republican leaders they say as many as 100 House seats are in play. What do you say when you hear those things?

Pelosi: I think, "Let the Republicans think that -- let them think that 100 seats are in play." I feel very confident that we will have a Democratic majority come November.

Erbé: What makes you think that?

Pelosi: We win the House of Representatives one district at a time and . . . I have great confidence in my members. I know they love their districts, I know they know their districts, and . . . we fully intend to win. The Republicans say their agenda, if they win, is to have the same exact agenda as the Bush administration. We're not going back.

Erbé: You've been called the most powerful woman in American politics and the most powerful speaker, certainly in recent decades but maybe ever. What do you think about that?

Pelosi: I accept the kind words on behalf of my House Democratic caucus because any power that I have springs from their working together to get a job done for the American people and my effectiveness in leading them really springs from their willingness to have commitment and courage and do the right thing by the American people.

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29 Comments

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avbysandy

ANY Politician of EITHER party is CORRUPT because .... they participate in a CORRUPT SYSTEM- Lobbyist buying influenec etc !! Dad always told us ... "sleep w/ the dogs and you get fleas'!!

July 23 2010 at 7:04 PM Report abuse +4 rate up rate down Reply
johndeagun

Hey Pelosi it's not just the Republicans that think you are going to lose the house .. it's Americans!!!

July 23 2010 at 6:30 PM Report abuse +4 rate up rate down Reply
conservgirl8

I know this is about the financial reform bill, but, I'd like to know why Nancy Pelosi and Boxer and other Democrat Congresspersons, created the dust bowl in S. California. Our farmers are crippled and have lost so much. It's awful.

Why does she always say that what they do is for the American people? That is so condescending and insulting. Most intellegent American people do not want the Congress taking care of them. And her statement about unemployment checks are the fastest way to create jobs is even more insulting. Every one knows that unemployment benefits are a form of social welfare and at one time were only temporary. This Congress would love to have everyone out of work. What a sham. I'm embarrassed for her.

July 23 2010 at 6:05 PM Report abuse +5 rate up rate down Reply
Jody

If I had any doubts about Pelosi being inept - there were no longer doubts when she said "unemployment checks are the fastest way to create jobs". You don't have to be Einstein to know that is an impossible "fact" of hers. History can already prove that she is not the most powerful speaker in decades - or maybe ever. Whoever is trying to promote that fairytale needs to go work for Disney.

July 23 2010 at 12:24 PM Report abuse +24 rate up rate down Reply
Bradslsn

Nancy Pelosi, I for one call for your resignation ASAP. You have totally misused your office for self gain and for your personal battles. We the people of California think of you as lowly as a life form can get. Thats as nice as I can be. You are one of the biggest threats to freedom in America. Please quit and go home for us all before it to late to undo all your backdoor anti freedom politics

July 23 2010 at 12:01 PM Report abuse +25 rate up rate down Reply
1 reply to Bradslsn's comment
Wendy

This Texan totally agrees with you, Bradslsn. Hopefully, the great people of your state are of the same mind. Unfortunately, she WILL not quit. Our only hope is that she's voted out of office. She gives democrats (not Progressive Democrats) a bad name and leaves an unbelievably bad taste in our mouths every time she speaks.

July 23 2010 at 8:14 PM Report abuse +2 rate up rate down Reply
ettu

According to Pelosi: " The Republicans say their agenda, if they win, is to have the same exact agenda as the Bush administration. We're not going back.".......Gee, I read, watch, and listen, to a great deal of political news and opinion, and I haven't heard this one yet. While the Libs/Dems like to say the Republicans are the Party of no, and have no agenda, I would wonder where Pelosi got this blurb? California Dreamin?

July 23 2010 at 11:47 AM Report abuse +23 rate up rate down Reply
Cappy

I wish someone, maybe one of these so called "Constitutional scholars" would correct her understanding of the commerce clause. As for this all equaling a new deal, more like a raw deal. The truth of it all for anyone that cares to learn the history is that the new deal did nothing for the economy. It was WWII that pulled us out of the depression, and the "VIctory Tax" that followed. In fact in an effort to supposedly pay for the war the government was given unparalleled power to take from peoples savings and income. These were of course supposed to be temporary measures, but par for the corse with washington are still in effect today. Republican, Democrat, it doesn't matter. There all in contempt of the constitution and should be fired, one and all. If people would stop watching Faux news or MSNBC and started reading the federalist papers, the declaration, and the Constitution it'd be easy to understand what I'm saying. I'm not holding my breath though because people seem to be happy with the illusion that their voice matters when clearly it doesn't. At least not when the big things are on the block.

July 23 2010 at 11:02 AM Report abuse +26 rate up rate down Reply
vobox3343

These are difficult times for the GOP. How can they sit idly by for an additional two years (8 years wasn't long enough?) and watch their leaders do nothing for the American people.

July 23 2010 at 10:51 AM Report abuse -25 rate up rate down Reply
andrc657

President Bush bailed out the banks in 2008. We now learn that billions of that tax payer money was used to pay huge bonuses. One guy received 100 million dollars of our money. Now the republicans want to give him a huge tax cut.

July 23 2010 at 9:47 AM Report abuse -27 rate up rate down Reply
1 reply to andrc657's comment
Wendy

not true; where are your fatcs to back this up?

July 23 2010 at 8:17 PM Report abuse +2 rate up rate down Reply
beckjr2000

Financial Reform Bill is a modern Bad Deal for America and it's citizens!

July 23 2010 at 9:16 AM Report abuse +29 rate up rate down Reply

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