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Congressman Lacy Clay

Representing the 1st District of Missouri

Financial Reform

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.

More on Financial Reform

November 28, 2011 Press Release
I have respected and admired my good friend from Massachusetts since he first arrived in Congress. It has been a real pleasure to serve with him on the Financial Services Committee where I strongly supported and helped craft the landmark reform legislati
February 10, 2011 Press Release
I never thought that I would see the day when allegedly conservative members of the Republican Party would side with the People's Republic of China, over the best advice of the Chairman of the Federal Reserve System.The Republican assertion that the F
November 30, 2010 Press Release
Leadership Post Will Cover Missouri, Illinois, Indiana, Oklahoma, Kansas
April 23, 2010 Press Release
Congressman Clay Asks Attorney General Holder to Investigate Mortgage-Backed Securities Scam That Was Designed to Fail
December 11, 2009 Press Release
New Banking Legislation Would Create Pathway Towards Restoring Credit and Financial Stability for Unbanked and Underbanked Consumers
July 30, 2009 Press Release
Washington, DC - The U.S. House has passed legislation authored by Congressman Wm. Lacy Clay (D) Missouri, which will make refinancing easier for rural homeowners who hold mortgages issued by private lenders. H.R. 2043, the Rural Homeowners Protection Act
May 20, 2009 Press Release
Clay Says Bill Protects Consumers from Abusive & Deceptive Practices
May 8, 2009 Press Release
Mortgage Reform & Anti-Predatory Lending Act Will Protect Homeowners,Punish Abusive LendersClay Says Ending Predatory Lending is Key to Restoring Stability in Housing Market
April 29, 2009 Press Release
Clay Says First Obama-era Budget Refocuses National Priorities on Working Families, RebuildingCommunities