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Public Statements

Issue Position: Economy

Issue Position

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Location: Unknown

Martha believes the best way to get our economy back on the right track is to tackle the economic crisis head on and to take all necessary steps to get people back to work.

Americans continue to face the worst economic crisis in a generation. People are losing their homes, their jobs, their retirement, and many of those who have not, worry that they are next. A lifetime of savings have been ravaged by risky investments, unfair tactics, and market uncertainties.

By making bold and wise investments in health care, energy and education; and restoring fiscal accountability to government spending, Martha believes we can get America working again.

Bringing Jobs to Massachusetts

Martha knows that we cannot recover from this economic downturn without preparing for the jobs and the skills needed for success tomorrow. In order to grow jobs and retain workers, we cannot take business for granted. As Attorney General, Martha recognized that her office needed to play a role in economic development and so she created a new division of Business, Technology and Economic Development to improve communication and partnership with employers in Massachusetts. As Senator, Martha will make economic growth a top priority. She will listen and work with small and large businesses in Massachusetts to create jobs and lower costs.

Martha also appreciates the historic role of local industries such as the fishing industry in the Massachusetts economy. Martha has worked with local fisherman to address their concerns about the impediments they face in doing business. As Senator, Martha will bring a broad vision of economic growth to Washington. Martha will work to ensure resources and incentives are available to attract businesses to Massachusetts and keep them here well into the future.

Improving Financial Regulation

A lack of appropriate oversight - both on the private and public side - was a major contributor to the financial crisis. Fast growth with little regard for predicable risks set the scene for economic chaos. Martha's experience as Attorney General has provided insight into the market infirmities and unscrupulous conduct that precipitated the financial crisis. As Attorney General, Martha took on Wall Street firms who helped cause our economic crisis. She recovered tens of millions for taxpayers and victims of Goldman Sachs, Merrill Lynch and UBS for their deceptive activities.

In Washington, Martha will work to ensure that the government is no longer forced to choose between bailouts and a financial collapse. She will work with the business and financial communities as well as other stakeholders to develop and implement tough but fair regulatory reforms to prevent another economic failure and to give the government the necessary tools to protect investors, consumers, and the market in the future.

Predatory Lending

Martha understands that unscrupulous actions by large housing lenders - trying to market and sell products that were doomed to fail - was a major contributor to the financial collapse. As a result of lending misconduct, many hardworking families have been forced into foreclosure and many more homeowners are at risk of losing their homes. As Attorney General, Martha brought actions against fraudulent mortgage brokers and those who employed foreclosure rescue scams. Martha also brought first in the nation enforcement actions against national lenders who sold risky loans using deceptive sales tactics. She pressed for legislation to provide relief to homeowners facing foreclosure and to create an abandoned property registry to address the public safety problems created when homes are abandoned.

In Washington, Martha will work for loan modifications when appropriate, so people can remain in their homes. She will also support enhanced regulation of mortgage products and disclosure laws so that homeowners can better understand their mortgage terms.

Financial Security

Martha believes that consumers must be armed with the tools they need to protect themselves from irresponsible financial practices and unwise personal planning and spending. Unrestricted use of credit and credit cards - pushed upon the nation by an industry that itself became addicted to the fees generated - has become a formula for disaster. Martha's experience as Attorney General has taught her that we cannot rely on the financial industry to fix this mess.

In Washington, Martha will provide consumers the tools they need to regain control of their financial security.

Read More
Read Attorney General Martha Coakley's white paper on jobs - Getting America Back to Work: A Jobs Plan
Read Attorney General Martha Coakley's white paper on the economy - Preventing Another Economic Collapse: The Need for Enhanced Financial Reform

Learn more about Attorney General Coakley's work:

* Attorney General Martha Coakley Files Legislation as Part of her Office's Continued Efforts to Tackle the Mortgage Foreclosure Crisis in the Commonwealth

* Attorney General Martha Coakley Permenantly Bans Foreclosure Rescue Transactions

* Attorney General Martha Coakley Reports to Congress on Mortgage Industry's Lack of Action on Loan Modifications

* Attorney General Martha Coakley Reaches $10 Million Settlement with Subprime Lender Fremont Investment and Loan

* Attorney General Martha Coakley Testifies Before Congress on Predatory Lending Impact on Massachusetts

* Massachusetts Attorney General Martha Coakley Urges Congress to Amend Bankruptcy Code to Protect Distressed Homeowners from Foreclosure

* Testimony of Attorney General Martha Coakley to the U.S. House Financial Services Committee (September 17, 2008: Lenders and Servicers' Promises of Loan Modifications in Massachusetts are Not Matched by Meaningful Actions That Promote Sustainable Loans.)

* Massachusetts Attorney General Martha Coakley to Testify Before House Financial Services Committee Regarding Auction Rate Securities

* Testimony of Attorney General Martha Coakley to the Joint Committee on Federal Stimulus Oversight (March 25, 2009: Hearing on Ensuring Accountability and Transparency in The Massachusetts Recovery and Reinvestment Plan)


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