Sanchez: “I’m siding with Orange County families not Wall St. firms”

Congresswoman Loretta Sanchez

WASHINGTON, D.C.– Congresswoman Loretta Sanchez (CA-47), a member of the bipartisan, bicameral Joint Economic Committee, On Wednesday voted to end taxpayer bailouts of Big Banks and stop Wall Street from taking reckless risks with our families’ hard-earned money. The Dodd-Frank Wall Street Reform and Consumer Protection Act will end the era of abuses by “too big to fail” banks that have cost the American people 8 million jobs and $17 trillion in retirement savings and net worth.  The bill will also create a consumer financial protection bureau that finally puts consumers first.

“As we rebuild Orange County’s economy, we must put in place common-sense rules to ensure Wall Street and the Big Banks never again gamble with our money and our future,” said Rep. Sanchez. “Wall Street firms may be bouncing back, but Californians continue to suffer from the consequences of their actions. This bill is about whose side you’re on, and I’m on the side of working families.”

The Wall Street Reform and Consumer Protection Act will help prevent the risky financial practices that led to the financial meltdown and stop large financial firms from gambling with Californians’ retirement, college savings, and home values. In addition, taxpayers will no longer pay the price for Wall Street’s irresponsibility. The bill creates a process to shut down large, failing firms whose collapse would put the entire economy at risk.  After exhausting all of the company’s assets, additional costs would be covered by a “dissolution fund,” to which all large financial firms would contribute.

The bill will also create the Consumer Financial Protection Bureau (CFPB), a new consumer watchdog group devoted to protecting Americans from unfair and abusive financial practices. This independent bureau will provide clear and accurate information to families and small businesses to ensure that bank loans, mortgages, and credit cards are fair and affordable. Just like the FDA does for medical safety, the CFPB will set safety standards to prevent practices such as hidden credit card fees, deceptive “fine print,” and other financial abuses that have escaped oversight so far.

“There’s no doubt that our economy has come a long way,” continued Rep. Sanchez. “But the reality is that there are thousands of local workers looking for jobs and Orange County’s economy still needs to be rebuilt. Wall Street reform is a critical step to create jobs and grow the economy. We cannot and we will not go back.”

The bill has been called the “strongest set of Wall Street reforms in three generations” by Elizabeth Warren, Chair of the nonpartisan Congressional Oversight Panel, and has been endorsed by the AARP, Consumer Federation of America, Consumers Union, Council of Institutional Investors, National Fair Housing Alliance, National Restaurant Association, Public Citizen, SEIU, and US PIRG, among other organizations. The bill was publicly debated for more than 50 hours, and includes over 70 Republican and bipartisan amendments.

  7 comments for “Sanchez: “I’m siding with Orange County families not Wall St. firms”

  1. June 30, 2010 at 8:25 pm

    Loretta is lying. On 4-Nov-1999 she voted in support of Wall Street and against O.C. families. The “Financial Services Modernization Act” ended the Glass-Steagall system of banking which was the 1933 Great Depression Era legislation that separated Investment Banking (speculation) from Commercial Banking (loans to businesses).

    The Dodd-Frank is a piece of crap, and Loretta knows it, there is no Glass-Steagall, and a very weak restriction on derivative gambling.
    (A 10 minute video for those that are tired of the lying)

    Our nation is headed for financial collapse.

  2. June 30, 2010 at 10:55 pm

    Sanchez: “I’m siding with Orange County families not Wall St. Firms.”

    LaRouche: “Dodd-Frank “Financial Reform” Bill a Sellout to Wall Street”
    (A 4 page article by Jeffery Steinberg)

  3. junior
    July 1, 2010 at 7:47 am

    And what about Fannie Mae and Freddie Mac???

    Zero – zip – nada!!!!

    • July 1, 2010 at 9:19 am

      Please scroll down 4 articles to the “Rep. Loretta Sanchez calls on state to release Orange County’s fair share of foreclosure-prevention funds” and read my 2 comments.

      Fannie Mae and Freddie Mac are bankrupt and need to be put through LaRouche’s 2007 “Homeowners and Bank Protection Act” (the “Act” was a proposal).

  4. Dano
    July 1, 2010 at 8:26 am

    The job market will improve when we stop the importation of goods not manufactured under the same labor and environmental laws that we must abide by. How can we effectively compete on the global market otherwise?

    It’s all reminiscent of our revolutionary war where the British had rules of engagement by having to march in a straight line, beat a loud drum, and wear bright red uniforms.

    By contrast, the colonist had no rules. They wore natural colored buckskin clothes and hid behind trees and rocks. Similarly, American businesses have rules and regulations that they are legally bound to. China, as well as other third world nations, have few if any regulations at all.

    Americans are well aware of child and prison labor in third world countries and know their pollutants eventually affect us too. It’s a mystery as to why we turn a blind eye towards this reality. To boot, recently in the news we have read of Chinese factory workers committing suicide rather than work 12 hours a day in one hundred plus degree heat.

    Here’s the bottom line, either we fight to bring the third world up to our labor and manufacturing standards or we’ll end up having to lower ourselves towards theirs. Along with being the arsenal of democracy America must also be the arsenal of fair labor and equitable manufacturing practices.

  5. July 1, 2010 at 10:11 am

    “Fair labor and equitable manufacturing practices” are not possible under a Free Trade system. Nations need the ability to protect their currency and industries.
    “Bill Clinton Admits, Free Trade was a Mistake and a Failure”
    NAFTA kills.

    Please visit click “Search” enter “Free Trade”.

    “Comprehensive Immigration Reform” should start with the withdrawal from NAFTA – Mexico should be allowed to protect it’s agricultural industry – create jobs for its people instead of exporting (Deporting) its poor and destitute into the U.S.A.

  6. junior
    July 1, 2010 at 11:22 am

    Dano said: “The job market will improve when we stop the importation of goods not manufactured under the same labor and environmental laws that we must abide by.”

    Well said Dano – this is the reality and absolute truth.

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