EarlPomeroy
Reforming Financial Regulation
The financial crisis that struck our country in 2008 made clear that we must restore meaningful regulation to ensure that kind of uninhibited risk-taking never happens again. The American taxpayer will not stand for bailing out reckless players on Wall Street.
Credit markets are tilted in favor of the big financial firms and we must rebalance its focus to protect consumers. Meanwhile, in the corporate world, complex financial instruments, such as credit default swaps and other derivatives help business address their everyday risks but when largely unregulated they became the building blocks of speculation. I believe that Congress must restore responsibility and regulate firms and the tools that remove risk from their balance sheets. No firm should be beyond regulation so financial reform must address the systemic risk posed by the larges financial firms that are too big to fail.
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