banks

March 15, 2010 -- "It has now been well over a year since the near collapse of the financial sector, and yet today the same failed system that brought on this crisis remains in place. The financial crisis has resulted in more than 8 million American workers losing their jobs, trillions in household wealth being wiped out and hundreds of thousands of small businesses without the credit they need to grow.

We cannot wait any longer for real financial reform that brings accountability to the financial system and makes sure that the American taxpayer is never again asked to bail out the irresponsibility of our largest banks and financial institutions.    » read more »

WASHINGTON, March 17 – Senator Bernie Sanders (I-Vt.) today called Senate legislation unveiled this week to rewrite rules governing financial institutions a step forward, but said “much more needs to be done to regulate Wall Street to prevent another severe financial crisis from happening again.”

Sanders said he would propose amendments to the financial overhaul legislation to limit credit card interest rates and discourage Fed secrecy. He also will work with colleagues to strengthen consumer protections, curb unbridled market speculation and break up “too big to fail” banks.    » read more »

March 15, 2010 -- WASHINGTON, DC -- After Senate Banking Committee Chairman Christopher Dodd (D-CT) today introduced Wall Street reform legislation, U.S. Senator Jack Reed (D-RI), a senior member of the Banking Committee, issued the following statement:

“As Chairman Dodd said: the time to act has arrived. We need to start the process of restoring fairness, increasing transparency, and protecting taxpayers. That’s what reforming Wall Street is about and that is why I’m pleased Chairman Dodd has put this proposal forward.    » read more »

March 15, 2010 -- WASHINGTON, D.C. – Today, Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, released new legislation to crack down on Wall Street abuses and reform our financial system. Oregon’s Senator Jeff Merkley issued the following statement:

“It’s been a year and a half since the risks and reckless behavior of Wall Street blew up our economy and cost Americans billions in taxpayer bailouts, lost jobs, foreclosed homes and evaporated savings. In the months since, the refrain from Wall Street has been, ‘Trust us – it won’t happen again.’    » read more »

Delaware senator says rule of law seriously compromised by 30 years of deregulatory mindset

March 15, 2010 -- WASHINGTON, D.C. — In a speech prepared for delivery to the Senate, Senator Ted Kaufman (D-DE) says that a report released last week by the bankruptcy examiner for Lehman Brothers Holdings Inc. made clear what many people had long expected: "That fraud and potential criminal conduct were at the heart of the financial crisis."

The 2,200-page report, released on March 11, details accounting tricks and "actionable balance sheet manipulation" by Lehman executives, particularly so-called Repo 105 transactions designed to mislead the public about the state of Lehman's balance sheet.    » read more »

March 15, 2010 -- Washington, DC -- U.S. Senator Tim Johnson (D-SD) released the following statement as Senate Banking Committee Chairman Chris Dodd (D-CT) released new financial regulatory reform legislation this afternoon:

Although I’m still reviewing the proposal, the legislation put forth today by Chairman Dodd incorporates good ideas from Republicans and Democrats alike. This proposal establishes a systemic risk council to identify and prevent risks like those we saw in our housing market, develops a mechanism to end government bailouts of financial companies and establishes a common-sense system that streamlines regulation of financial institutions.    » read more »

March 15, 2010 -- WASHINGTON, D.C. - U.S. Senator Kay R. Hagan (D-NC) today commented on the financial reform proposal put forward by Senator Chris Dodd (D-CT). The draft bill will now be debated and revised by the Senate Banking, Housing and Urban Affairs Committee.

Sen. Hagan said:    » read more »

March 15, 2010 -- WASHINGTON, D.C. – Today, U.S. Senator Bob Casey (D-PA), a member of the Senate special Committee on Aging, joined Senators Herb Kohl (D-WI), Claire McCaskill (D-MO) and Al Franken (D-MN) to hail a provision included in the Restoring American Financial Stability Act to protect older Americans from fraud at the hands of unscrupulous financial advisors.    » read more »

March 15, 2010 -- WASHINGTON, D.C. - U.S. Senator Sherrod Brown (D-OH), chairman of the Senate Banking Subcommittee on Economic Policy, today issued the following statement upon Senate Banking Committee Chairman Chris Dodd's introduction of financial reform legislation:

"In the fall of 2008, the Bush administration came to Congress asking for a $700 billion blank check to bail out Wall Street. Congress acted swiftly to prevent the collapse of our financial system, but demanded taxpayer protections, limits on CEO compensation, and strong oversight measures. But that was the start of our work, not the end of it.    » read more »

The bill’s level of strength on consumer protections will be a focus for Bennet

March 15, 2010 -- Washington, D.C. - Michael Bennet, U.S. Senator for Colorado, offered the following statement regarding legislation announced today by Senate Banking Committee Chairman Chris Dodd (D-CT) that would improve regulations over financial institutions that were largely credited with abusing current regulations that nearly led to a collapse of the U.S. and global economy.    » read more »

Calls for Improvements to Protect Consumers and Investors

March 15, 2010 -- Washington, DC -- The Consumer Federation of America today commended Senate Banking Committee Chairman Chris Dodd for moving forward with a comprehensive financial reform package. CFA released the following statements on specific components of the proposal.

On Consumer Protection, Travis Plunkett, Legislative Director at CFA, stated: “CFA supports creating a Consumer Financial Protection Agency to protect Americans from deceptive and abusive financial practices. The CFPA would be truly independent in its decision-making, have the ability to oversee all lenders in the marketplace, and have broad enforcement and supervision powers.    » read more »

Says old rules that kept commercial banks separate from investment banks were best rules

March 11, 2010 -- WASHINGTON, D.C. – Senator Ted Kaufman (D-DE) on Thursday said that a "reshuffled" regulatory deck to oversee banks that are "too-big-to-fail" is not a sufficient solution to the problems that led to the Great Recession of 2008, and called on Congress to draw "hard, statutory lines between banks and investment houses."    » read more »

Lenders Accountable for Higher Broker Fees Charged to Minority Borrowers

March 4, 2010 -- WASHINGTON – Two subsidiaries of American International Group Inc. have agreed to pay a minimum of $6.1 million to resolve allegations that they engaged in a pattern or practice of discrimination against African American borrowers, representatives of President Obama’s Financial Fraud Enforcement Task Force (FFETF) announced today.    » read more »

Columbus Homeowner Seeking to Avoid Foreclosure Joins Brown as He Calls for Improvements to Mortgage Modification Program

March 5, 2010 -- COLUMBUS, OHIO - U.S. Senator Sherrod Brown (D-OH) visited Columbus Housing Partnership's housing advisory center today to outline the need for additional federal foreclosure funds for Ohio.

Brown outlined his efforts to bring more foreclosure assistance to Ohio - including efforts to improve the Home Affordable Modification Program (HAMP) and ensure that Ohio is included in future awards from the Help for the Hardest-Hit Housing Markets (4HM) program.    » read more »

February 22, 2010 -- "Today, the major reforms of the Credit Card Accountability, Responsibility and Disclosure Act that I signed into law last spring take effect, marking a significant turning point for American consumers. For too long, credit card companies have had free rein to employ deceptive, unfair tactics that hit responsible consumers with unreasonable costs.

"But today, we are shifting the balance of power back to the consumer and we are holding the credit card companies accountable.    » read more »