Banking and Financial Services
Eight years after the collapse of the financial markets, corporations have returned to making record profits while Oregon’s unemployment rate remains over 9 percent, homeowners are underwater, and students are drowning in debt. The wealthiest ten percent of Americans control 76 percent of American’s net worth. Households in the top 1 percent now average an income more than 100 times the size of incomes in the bottom 20 percent. This level of inequality is shameful. Congress must take action to protect America’s working families and to make government work for them, not special interests.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), is an important step towards rebalancing priorities and strengthening the financial system to clamp down on banker’s risk-taking and to protect families.
Excessive Wall Street speculation and trading contributed to the financial collapse; it is only fair to for Wall Street to help pay to clean up the mess.
Consumers should be protected from products that can cause financial ruin and empowered to support financial institutions that put consumers ahead of profits.
Oregonians deserve a full investigation into these activities that have cost thousands of Oregon families their homes and that led to the collapse of the housing market. They also deserve the same rights to negotiate mortgages as those afforded to speculators and investors.
Provisions that prohibit proprietary trading by U.S. banking entities in order to limit risk, protect shareholders, and protect the global financial system must be maintained and enforced.