Issue Position: Wall Street Reform and Consumer Protection
Issue Position
Years without accountability for Wall Street and the Big Banks under President Bush and Congressional Republicans cost us 8 million jobs. On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law to:
* rein in Big Banks and their Big Bonuses,
* put an end to bailouts and the idea of "too big to fail," and
* create a consumer financial protection agency to protect and empower consumers to make the best decisions on homes, credit cards, and their own financial future.
THE MELTDOWN
For eight years, President Bush and Congressional Republicans looked the other way as Wall Street and the Big Banks exploited loopholes, gambled your money on complex schemes, and rewarded failure and recklessness. America's families and small businesses paid the price. We lost 8 million jobs and $17 trillion in retirement savings and Americans' net worth.
TOUGH CHOICES
This Congress and President Obama have made tough choices and taken effective steps to bring our economy back from the brink of disaster. The Recovery Act has already saved or created up to 2.8 million jobs and much of the TARP has been paid back. And now we are taking another key step forward with a final agreement on the Dodd-Frank Wall Street Reform and Consumer Protection Act.
AMERICA LEADS
As we rebuild our economy, we must put in place common-sense rules to ensure Big Banks and Wall Street can't play Russian Roulette again with our futures. Wall Street may be bouncing back, but we know from experience they're not going to police themselves.
Common-sense reforms that hold Wall Street and the Big Banks accountable will:
* 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 abuses, fine print, and industry gimmicks
* Inject transparency and accountability into a financial system run amok
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