Over the past several years, the United States has faced the most severe financial crisis since the Great Depression. Millions of Americans have lost their jobs, families have lost their homes, and small businesses have been crippled. Some of the nation’s largest financial institutions failed, and many of the securities markets that are critical to the flow of credit broke down.
To address these problems, I support an enhanced regulatory reform to lay the foundation for a safer, more stable financial system. This system should properly deliver the benefits of market-driven financial innovation while safeguarding against damage of market-driven excess. These regulations should address issues of resolution authority, payments and settlement system, investor protection, private fund registration, credit rating, executive compensation and the supervision of non-banks.
On July 29, 2009, the House passed H.R. 2034, the Rural Homeowners Protection Act of 2009, which I sponsored. This bill will permit refinancing of certain loans under the Rural Housing Service program for guaranteed loans for rural housing. In an effort to assist the auto industry, I am a cosponsor of H.R. 2743, the Automobile Dealer Economic Rights Restoration Act of 2009. This bill would prohibit an automobile manufacturer in which the federal government has an ownership interest, or which receives loans from the federal government, from depriving an automobile dealer of it economic rights. I am also a cosponsor of H.R. 3149, the Equal Employment for All Act of 2009. This legislation would amend the Fair Credit Report Act to prohibit the use of consumer credit checks against prospective and current employees for the purposes of making adverse employment decisions. I will continue working with my colleagues to address problems in the financial sector.