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Holding Wall Street Accountable

Friday, May 7, 2010

This week the Senate started debate on legislation I support to hold Wall Street accountable and protect Minnesota's consumers. Wall Street is supposed to invest money in productive businesses that create jobs. But as we all know by now, over the past few years Wall Street's been doing no such thing. They've used Americans' money to make bets on bets on bets, and eventually they crashed our economy. This bill makes sure that never happens again. And it stops banks and lenders from offering deceptive or dangerous loans and mortgages that put families at risk so banks can rack up profits. It stops banks from gambling with your money and your mortgage. And it forces banks to clean up their own messes from now on – no more bailouts.

There are a few things I hope we'll add, like more help for homeowners who have lost their jobs through no fault of their own and are struggling to stay in their homes. But we are going to move as quickly as possible to pass the legislation and get it to the President's desk. It's long past time we empower Minnesota's consumers and get Wall Street back to investing in America.

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