Real Wall Street Reform
When financial markets collapsed in the fall of 2008 Washington wrote a blank check for big banks on Wall Street and Jack thinks that should never happen again. He knows that the banks and insurance companies got too big and out of control when they placed risky bets on the housing market.
If the government had done its job properly, there would have been more accountability for the taxpayer money that was spent on the TARP bailouts and maybe the American people would have been cashing bonus checks instead of Wall Street traders. If Jack had been faced with the decision to support TARP, he would have spoken out for more accountability and not just voted for a blank check.
WINDFALL TAX ON TARP BONUSES
Earlier this year, Jack supported a bill that would place a one-time windfall tax on bonuses for any executive at a company that received TARP bailout funds, because he thinks it's offensive that bailed-out bankers are taking huge bonuses at the same time they are refusing to lend to struggling small businesses.
SMALL BUSINESS LOAN FUND
And to address the shortage of small business lending, Jack has proposed a $30 billion Small Business Loan Fund to go around Wall Street and get capital directly to our community banks so they can give loans to Kentucky small businesses that want to create jobs but need the financing to do it.
CHALLENGING MCCONNELL TO STOP DEFENDING WALL STREET
In April when Republican Leader and Kentucky Senator Mitch McConnell had the audacity actually to defend big banks while claiming to be stopping bailouts, Jack immediately called on McConnell to stop blocking Wall Street reform and join bipartisan efforts to fix the financial system.
WALL STREET REFORM THAT PUTS KENTUCKY FAMILIES FIRST
Jack strongly supports Wall Street reform because now is the time to make sure the financial system works for Kentucky families and businesses on Main Street, not CEOs and hedge fund managers on Wall Street.
As a United States Senator, Jack will make sure that Wall Street reform:
* puts consumers first,
* prevents any institution from becoming "too big to fail" ever again, and
* protects taxpayers from excessive risk-taking in the financial system.