WCBS Newsradio 880 Afternoon Anchorman Steve Scott
Lehman Brothers failed. JPMorgan Chase lost billions of dollars. Should Wall Street face tighter regulation from Congress? What can the Congress do to protect Americans from reckless behavior from Wall Street banks?
Time remaining for our candidates to respond
“ If the financial crisis of 2008 proved anything, it's that self-regulation doesn't work. We need strong, capable regulators who have the tools they need to police Wall Street and intervene before our financial institutions become so weak that they threaten the entire economy if they fail. That's why I strongly supported and helped pass the historic Wall Street Reform and Consumer Protection Act, which regulated risky derivatives for the first time, created a clear dividing line between speculative trading and traditional commercial banking, and set real and meaningful standards for mortgage underwriting. Just last week in fact, the consumer protection board that was created by the Wall Street Reform law took its first enforcement action and imposed a multimillion dollar penalty against a bank that was engaging in deceptive trading practices. Was the bill perfect? No. Clearly there is more work to be done to ensure accountability in our banking system. I am proud of my record of standing up to Wall Street when they go wrong and Wall Street Reform will help ensure that American taxpayers are never again on the hook when it comes to the failings of our banks. That is a critical step in keeping our financial industry from dragging down our economy again. ”
“ Wall Street should face tighter regulation from Congress but we won't be able to do it until we reform Congress. In 2010, there were 12,951 registered federal lobbyists – that’s almost 25 per member of Congress. 370 of them are former members of Congress themselves. Combined, lobbyists spent $3.51 Billion to influence Congress. It is no surprise that the same year, Congress created 9,129 earmarks costing taxpayers $16.5 Billion.