Problem:
Congress and the Administration
The Administration has been almost as ineffective as Congress in enacting regulatory reform or using TARP funds to help real people struggling in this economy.
Americans have still not seen comprehensive financial reform, meaningful foreclosure prevention measures or any moves to rein in big bank bonuses and obscene profit-taking at our expense.
Furthermore, big banks have been very effective in watering down or blocking any type of financial regulation by spending millions of dollars to lobby Congress.
The Administration has been almost as ineffective as Congress in enacting regulatory reform or using TARP funds to help real people struggling in this economy.
Americans have still not seen comprehensive financial reform, meaningful foreclosure prevention measures or any moves to rein in big bank bonuses and obscene profit-taking at our expense.
Furthermore, big banks have been very effective in watering down or blocking any type of financial regulation by spending millions of dollars to lobby Congress.
Solution:
Congress needs to side with the American People and enact real reform now.
Treasury Department and the Administration should:
- Break up big banks by enacting asset caps and reinstating Glass Steagall firewalls.
- Modernizes the Community Reinvestment Act (CRA). This will increase transparency, accountability and stability in the financial system and our economy.
- Modernize the Home Mortgage Disclosure Act (HMDA) to include crucial information like interest rate, fees, and other terms of the loans made to homeowners.
- Establish a strong, independent Consumer Financial Protection Agency to look out for our interests, not just big bank profits.
Treasury Department and the Administration should:
- Reform the Home Affordable Modification Program (HAMP) so it works for more families facing foreclosure.
- Use TARP funds for loans and grants to unemployed and underemployed homeowners facing foreclosure.
