Illinoisans aren’t dumb. We know a rigged game when we see it.
The financial crisis of 2008, and the Great Recession that followed, devastated millions of working families. It touched every aspect of our lives, in ways large and small. Its affects are still being felt – too much of our economic recovery has been jobless, and even those of us who kept our jobs still lost years and years of retirement savings.
It’s a complex problem, but it had a simple cause: fraud. Our biggest banks spent 10 years or more lying to people about their mortgages. They lied to people about how much house they could afford, and they lied to people about what the mortgages would ultimately cost. Then they took tens of thousands of mortgages, renamed them, and sold them to one another as investment opportunities while lying about what those investments actually represented.
Rather than address that fraud, punish the people responsible, and make sure that it never happens again, the Republican Party wants to let people off the hook. In fact, they want to make our next financial crisis even worse, by privatizing Social Security and putting even more of our assets onto Wall Street’s roulette wheel.
My goals for financial reform include the following:
- Enforce liquidity requirements on the biggest banks; that’s the only way to force them to *not* take the big risks that will eventually bring the economy crashing down on our heads.
- Greater oversight of “stress tests” on the biggest banks, and ensure that banks that repeatedly fail stress testing are held accountable.
- Defend, expand, and fully-fund the Consumer Financial Protection Bureau created by Sen. Elizabeth Warren. Our economy can only work if investors and consumers know what products they’re being offered and how they’re priced, and Wall Street has demonstrated that they have no interest in making that information available.
- Oppose any privatization of the Social Security program.
- End predatory lending, including advance payday lending.