We’ve seen the devastating impact that Wall Street can have on our economy when it’s left to its own devices. Fueled by unbridled greed and an obsession with profit at all costs, Wall Street took risky bets with other people’s money and the American people paid the price.
Our unemployment rates skyrocketed, and we lost trillions in pensions and retirement funds. We need to fix the problems in our financial system and put Wall Street back to work, investing in our economy and creating jobs.
Families need strong consumer protections when they’re dealing with credit cards, student loans, and their retirement savings. The bill being debated in the Senate ensures that Wall Street will never swindle the American people in the same way again. It stops banks and lenders from offering deceptive or dangerous loans and mortgages that put families at risk while banks rack up profits.
It creates a strong consumer watchdog agency that will put consumers first. It forces banks and credit card companies to offerclear terms to families. The bill makes sure that mortgage companies can’t sell misleading loans and mortgages to consumers, so that we avoid the kinds of problems that led to this crisis in the first place.
I am working to make the bill even stronger. I have proposed several common-sense bipartisan amendments that will strengthen consumer protections in the bill and ensure that we hold Wall Street accountable. I am working with my Republican colleagues to fix the conflicts of interest, which create so many problems in the financial system. And to create an office of the homeowner advocate to fight for Minnesotans families who have lost their jobs through no fault of their own and are now in danger of losing their homes.
Let me be clear: we can’t afford not to pass this bill. America can’t afford another financial crisis. Minnesotans are demanding that we act to hold Wall Street accountable. Without further protections, it would be easy to have another crisis like the one we have just been through, and I will not stand for that to happen.
Sen. Al Franken
US Senate
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