Never again, Al Franken


Date: Wed, 28 Apr 2010 10:32:15 -0400

Al Franken - U.S. Senator, Minnesota
Dear Daniel,
When we passed health insurance reform, I told you how important it was that we passed student loan reform at the same time. That bill stopped giveaways to banks, and put the government on the side of consumers instead of massive financial institutions.
That’s exactly what Wall Street Reform will do with all financial products.
Reform will strengthen consumer protections and hold Wall Street accountable for its actions. Specifically, the actions that nearly caused a global financial collapse. Minnesotans lost their retirement savings, 401Ks, and homes — sometimes all three. It’s time we hold these guys to account and fix the problem the financial crisis exposed so vividly. Wall Street, left to its devices by deregulation, will run amok with greed.
Never again.
When we pass this legislation, big banks will have to put money up front so if they fail, they pay for their own funerals. After what we saw in 2008, I’m of the opinion that there’s no reason banks shouldn’t be required to clean up the messes they create.
The Senate bill also stops financial institutions from selling dangerous or deceptive loans and mortgages that put family nest-eggs at risk just so banks can rack up profits. And we’ll put in place common-sense consumer protection measures that will stop banks from gambling with other people’s money and mortgages.
And finally, we’re creating something I’ve been calling for since I opposed the very first bank bailout in 2008 — a strong consumer watchdog agency with teeth to force big banks and credit card companies to offer clear and fair terms to families and to make sure they are treated fairly and not misled by bad actors on Wall Street.
I’m hopeful that once we begin debate (if Republicans ever decide to allow one) we will add more help for home owners who lost their jobs through no fault of their own and are struggling to stay in their homes.
Across the nation right now, Americans are standing up and demanding Wall Street be held to account and our system of regulations strengthened to ensure big banks can never put our economy at risk every again. I should know, I’m one of them.
Thanks for your support,
Al
Al

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