Banking and Financial Services
Two of the most important issues facing Congress today are overcoming the economic crisis and promoting continued recovery. In response to turmoil in our economy and financial markets, and to prevent future crises, I supported passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203). This law implements commonsense reforms that require transparency and accountability within the financial system and prevent the abuses that crippled our economy.
One of the most important components of the Dodd-Frank legislation was the creation of the Consumer Financial Protection Bureau (CFPB). The CFPB was formed to serve as an independent watchdog with the authority to ensure that American consumers have safe, non-predatory products when they shop for mortgages, credit cards, student loans, and other financial products. I fully support a robust, well-funded CFPB, and believe it is integral to the complete implementation of Dodd-Frank. Moreover, the CFPB is critical to work with all parties, including consumers, merchants, bankers, financial institutions, and regulatory agencies, to foster commonsense protections for consumers.
Another integral step towards reviving our economy will be identifying and holding responsible those practices, institutions, and individuals that contributed to the collapse financial markets. I believe we should punish those responsible for fraud committed prior to and during the current economic crisis.
Similarly, bonuses in the finance sector remain extremely controversial as taxpayer dollars were recently used to prevent greater harm from befalling this industry and the greater economy, and in some cases are still being used to support some of these institutions. Millions of Americans lost their homes, retirement accounts, and jobs during the economic collapse, and I am committed to helping those who have been negatively impacted. To this end, I have actively communicated these concerns to the federal agencies in charge of investigating and prosecuting any crimes committed.
Providing proper authority to our regulators is crucial, but we must do so in a way that does not unnecessarily burden businesses and prevent financial institutions from providing important services to their customers. Moving forward, the implementation of sensible reforms will be important to help the economy thrive, and also ensure that financial institutions behave responsibly.
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“I'm pleased the Justice Department reached an agreement that will compensate thousands of African-American and Hispanic borrowers who were subjugated to Countrywide’s discriminatory policies, but I'm still deeply concerned that not enough people in the financial sector have been held accountable for their role in the sub prime mortgage crisis.
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"I am pleased that the Senate acted quickly to create a strong bipartisan solution to our country’s economic crisis. I am hopeful this action will provide the tools to help free-up our financial system and avert a much more severe economic downturn.”