The American Bankers Association is very disappointed with the regulatory reform bill that is now headed for enactment. While its core provisions provide needed reform, it is overloaded with new rules and restrictions on traditional banks that did not cause the financial crisis. The result will be over 5,000 pages of new regulations on traditional banks and years of uncertainty as to what the massive new rules will mean.
Economy & Budget
Today’s passage of Wall Street reform is another step Democrats are taking to strengthen our economy, create jobs, and give consumers more control. Nearly two years ago, our nation faced a financial crisis that was largely the result of Republican policies that allowed big banks to make risky choices. This bill will reestablish fair rules of the road which will work to rein in the excesses of Wall Street, thereby rebuilding confidence in our economy and promoting job creation. It also puts middle class Americans — not big banks — back in control, ending bailouts and increasing consumer protections.
After months of careful consideration, landmark financial reform legislation moves towards final passage. While this bill is a vast improvement over the existing regulatory structure, I believe it should go further with respect to erecting statutory walls that address the fundamental problem of "too big to fail." I will support the conference report, though I do so with significant reservations about a missed opportunity to enact needed structural reforms that would better prevent another financial crisis.
On Sunday, two leading voices from both sides of the aisle outlined as clearly as ever the consequences of Washington’s unrestrained spending.
The co-chairs of the non-partisan debt and deficit commission, former Republican Senator Alan Simpson and former Clinton Administration chief of staff Erskine Bowles, said that if the government stays on its current path our crushing federal debt will ‘destroy the country from within.’ Bowles went on to describe it as a ‘cancer’ on our Nation.
When Congress returns from its July 4 recess, it needs to take action on two issues that are topmost on most people’s minds: creating new jobs for the 15 million Americans who are out of work and extending unemployment compensation for more than 1.2 million who have exhausted their benefits.
In addition to assisting jobless workers, the nation needs to provide opportunity to millions of underserved Americans for education and employment, training and transportation, healthcare and childcare that equip people to make the most of their own lives.
The 2,300-page bill known as the Dodd-Frank bill is the most significant piece of legislation concerning the financial services industry in nearly 80 years.
In the wake of the financial crisis which sent the U.S. economy into a downward spiral at the end of 2008, the need for meaningful and responsible reform of the financial services industry was very clear. But with a problem of this magnitude, rushing to a solution with a “ready-fire-aim” approach is a recipe for disaster.
With Congress on the verge of establishing a new Consumer Financial Protection Bureau (CFPB), Elizabeth Warren, Harvard law professor and chair of the TARP Congressional Oversight Panel (COP), stands out as the right candidate for the bureau’s first director. Families deserve someone with Warren’s intellect, charm, vision, credibility, independence and energy to be their cop on the consumer finance beat.
As of July 9, more than 90,000 Michiganians and 2 million Americans nationwide have lost their unemployment benefits.
The financial reform bill — formally, the Dodd-Frank Wall Street Reform and Consumer Protection Act — marks a sea change in how our nation views and implements oversight of financial providers. In many ways, it’s a return to the commonsense lending rules that built a thriving financial system respected throughout the world. That would be a welcome change from the economic turmoil of the last three years.