As someone who grew up in poverty, I believe that my role in government is to help stick up for the little guy. I am disgusted by the way the big banks have acted, both before and after the bailout. I think it is time to take action, and time to let Wall Street know – you make a mess, you have to clean it up yourself. The American people will not be held hostage by the big banks again.
REFORM TO HOLD WALL STREET AND BIG BANKS ACCOUNTABLE
- End bailouts by ensuring taxpayers are never again on the hook for Wall Street’s risky decisions
- Protect families’ retirement funds, college savings, homes and businesses’ financial futures from unnecessary risk by CEOs, lenders, and speculators
- Protect consumers from predatory lending and abusive practices
- Inject transparency and accountability into a financial system run amok
WHAT’S IN THE LEGISLATION?
- Creating a new Consumer Financial Protection Agency to protect families and small businesses from abusive practices.
- Ending predatory lending practices that occurred during the subprime lending frenzy.
- Shutting down “too big to fail” financial firms before risky and irresponsible behavior threatens to bring down the entire economy.
- Ending costly taxpayer bailouts with new procedures to unwind failing companies that pose the greatest risk – paid for by the financial industry and not the taxpayers.
- Tough new rules on the riskiest financial practices that gambled with your money and caused the financial crash, like the credit default swaps that devastated AIG, and common sense regulation of derivatives and other complex financial products. Includes a strong “Volcker rule” that generally restricts large financial firms with commercial banking operations from trading in speculative investments.
- Tough enforcement and oversight with:
- More enforcement power and funding for the Securities and Exchange Commission, including requiring registration of hedge funds and private equity funds
- Enhanced oversight and transparency for credit rating agencies, whose seal of approval gave way to excessively risky practices that led to a financial collapse
- Reining in egregious executive compensation and retirement plans by allowing a ‘say on pay’ for shareholders, requiring independent directors on compensation committees, and limiting bank executive risky pay practices that jeopardize banks’ safety and soundness.
- Audits the Federal Reserve's emergency lending programs from the financial crisis and limits the Fed's emergency lending authority.
Read the Dodd-Frank Wall Street Reform and Consumer Protection Act by title»
Download the Dodd-Frank Wall Street Reform and Consumer Protection Act (PDF)»
Read a summary of the legislation on the Financial Services Committee website»