In September 2008, our nation’s financial system was on the verge of total collapse. Many Delaware families have personally experienced the impact of this financial crisis through decreased values in their retirement savings and many have lost their homes to foreclosure. In 2010, Congress passed legislation to end taxpayer bailouts and to tighten regulation of risky Wall Street practices. As a member of the House Financial Services Committee, I work with my colleagues to ensure that new financial regulations both protect Delaware families and help restore long-term economic stability. This means making sure that Congress got it right the first time and to prevent efforts to go back to the old ways of doing business.

• Creating jobs and growing the economy: Creating an environment for job creation is a crucial part of getting our economy back on track. In Congress, I have been working closely with both Democrats and Republicans on the Financial Services Committee to advance sensible legislation to allow businesses to grow. I introduced legislation, which became known as the JOBS Act, to help small- and medium-sized businesses go public and create jobs. I worked with my Democratic and Republican colleagues to pass the JOBS Act, which was signed into law by President Obama in April 2012. I also joined a bipartisan coalition of colleagues in offering legislation to allow our community banks, who were not responsible for the financial crisis, to focus more of their resources on lending.


• Keeping Delawareans in their homes: Since the housing bubble burst, more than 9 million Americans have faced foreclosure. In Delaware, annual foreclosure filings have nearly tripled over the past few years. We can’t help every one of these homeowners – every situation is different – but there is an important role for government in helping homeowners who are facing foreclosure through no fault of their own. I have opposed efforts in the House to eliminate programs that are helping Delawareans stay in their homes, and I have led my colleagues on the House Financial Services Committee in calling on the Treasury Department to do more to help struggling families. Additionally, I introduced a bipartisan bill to establish pretax home savings accounts for any American who wants to set aside money for a down payment on a first home. Addressing the foreclosure crisis is one of my top priorities as your U.S. Congressman.


• Strengthening our financial system: It is critical that we not allow a repeat of the financial collapse that took place in 2008, which cost our nation trillions of dollars in retirement losses and decreased home values. As a member of the Financial Services Committee, I take seriously the responsibility of overseeing our financial system to ensure that it is strengthening, not undermining, our economy. I have called on our regulators to implement derivatives regulations, established in the Dodd-Frank Wall Street Reform Act, so that derivatives can no longer pose a risk to our economy. I will continue to work with the Treasury Department and our other financial regulators to put an end to bank bailouts and to ensure that our financial system provides the capital necessary for businesses to grow and create jobs.

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