No bank or financial institution is “too big to fail.” That's why I voted against bailouts using taxpayer money. I support financial innovation and the free market, but when companies and institutions take the American economy to the brink of collapse, we need to act.
I used my position on the House Financial Services Committee to address the problems that caused the so-called “Great Recession.”
I teamed up with Rep. Ron Paul (R-Texas) to push through an amendment to audit the Federal Reserve. The audit exposed that the Federal Reserve had conducted $26 TRILLION in secret bailouts during the financial crisis of 2007-2008.
I also supported meaningful efforts to rein in the abusive practices of credit card companies. The Credit Cardholders' Bill of Rights prevents retroactive interest rate increases, empowers people to set limits on their credit, and requires card companies to be fair.
Among the other reforms I support are:
• Consumer Protection – Stronger enforcement by the Consumer Financial Protection Bureau to protect Americans from unfair financial products and services.
• Executive Compensation Regulation - Gives shareholders a “say on pay” vote on executive compensation and golden parachutes.
• Investor Protections - Strengthen the SEC’s powers so that it can better protect investors and regulate the nation’s securities markets.
• Comprehensive Regulation of Derivatives.
• Creation of an Office of Insurance - Creates a Federal Insurance Office that will monitor all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis and undermine the entire financial system.