Calling the legislation "remarkable" and "bold," Rep. Barbara Lee told the press conference that HR 1579 would address "out-of-control tactics" on Wall Street and would "lead to critical investments for our future -- in health and development assistance."

The reckless actions of Wall Street institutions led to the collapse of the the U.S. economy and the deep recession of 2008-09. The Wall Street firms looted and gambled trillions in worker pensions and mutual fund savings. The Wall Street traders made billions of dollars in speculative money -- bets on bets -- holding hostage the real economy where money is made by providing goods and services. And the actions of Wall Street resulted in the loss of more than 8 million jobs.

“The global crisis cost Americans $19 trillion in lost wealth.... American citizens provided the money to stabilize the financial sector….The global financial crisis, along with wars, unabated and unaddressed climate change, unsustainable tax cuts, and a continuing unemployment crisis, if unaddressed, will deprive a generation of a meaningful role in the larger economy.”