Financial Industry Regulatory Reform

The Great Recession has left Americans struggling to make ends meet and worried about their financial security. The financial collapse that occurred in September of 2008 was due in large part to the deregulation that has occurred over the past 20 years by Republicans and Democrats. Some of these regulations dated back to the Great Depression. These rules were put in place to safeguard our country from financial disaster. We need to bring them back.

Congress needs to stand up to Wall Street and enact laws to protect Americans against the abuses that led to the near-collapse of our financial system. I will fight for tough regulations on the biggest banks, while strengthening the ability of our main street banks and local credit unions to make loans to small businesses and individuals.

Too many in Washington have forgotten how our homes lost value and our retirement accounts were depleted just a year ago. We cannot afford to be shortsighted or lazy; the future of our entire economy is at stake.

Jim’s Plan:

Bring back key elements of the Glass-Steagall Act, which forced the separation of commercial and investment banking – its repeal is what led to many risky business practices and the creation of “too big to fail” banks.
Crack down on predatory lenders and reform the mortgage lending industry to ensure that homeowners secure mortgages they can actually afford over the long term.
Protect consumers from unfair lending practices by credit card companies, mortgage lenders and others in the financial services industry though a Consumer Protection Agency similar to the proposals being discussed in Congress.
If a bank is ‘too big to fail’, it is too big to exist. We should enforce anti-trust laws against banks that are a threat to the entire financial system.