Wall Street Reform
At the end of 2008, our country faced a financial crisis like we hadn’t seen since the Great Depression. The Bush Administration asked Congress to stabilize the economy with no strings attached. I supported accountability. I supported a prohibition on fat cat executive bonuses for Wall Street. But Main Street is still hurting and small businesses and individuals need help now. I’m going to keep working for you to ensure Wall Street helps take care of Main Street, that credit card companies play by the rules, and that we act responsibly to save and create jobs and provide tax relief to the hardworking people of our district and state.
As a member of the House Financial Services Committee, I played a big role in passing some of the most important reforms to our financial system since the Great Depression. These reforms address the Wild West era of lax regulation the Bush Administration encouraged. When Wall Street operates like the Wild West, Main Street suffers.
Some of the key provisions I fought for – and will continue to support – include:
• Ensuring the taxpayers gets paid back first.
• Establishing a new Consumer Finance Protection Agency to focus solely on writing meaningful consumer protection standards and keeping watch for predatory practices.
• Increasing transparency and accountability by establishing a regulatory system for over-the-counter derivatives.
• Registering hedge funds.
• Strengthening investor protection laws.
We have to provide for the orderly wind-down of failing firms and end the notion of “Too Big to Fail.” By dissolving these firms we end them, we kill them before they bring down our economy and most importantly we say “no” to more taxpayer bailouts.
