Billions are at stake Featured
When asked early in the campaign what committee assignment I would seek if I am elected, my answer was the Financial Services Committee. The actions that caused the financial collapse in 2007-2008 and created the worst economy since the Great Depression are still common among the high rollers on Wall Street. While the Dodd Frank financial reform legislation addressed some of the problems, both its implementation and subsequent legislation have weakened the original bill. As the New York Times states today: "Early versions of the restrictions have been ambiguous and toothless."
The Times editorial addressed the revelation that JPMorgan Chase had lost $2 billion by using "the same type of complex derivatives that played such a destructive role in the financial crisis."
While few of us have large portfolios invested with major Wall Street firms, the ugly truth is that all of us are at their mercy. Just ask those folks who lost jobs four years ago, or the middle-class families who lost a large share of their savings because their home's value decreased.
The other candidates have all said they will support stronger financial reform. But I am the only candidate to indicate that I want to serve on the committee that crafts needed legislation. Further, I am the only candidate who has made a commitment to co-sponsor Al Franken's legislation to reform the credit rating agencies.
Of course, the reason that reform is difficult is that the banking industry is a primary source of contributions and spends millions lobbying Congress. That should not determine how your representatives act. We need to make sure that the interests of everyone are protected.
You know where I stand.