Issue Position: Wall Street Reform

Issue Position

Kendrick is the only candidate who supports holding the Big Banks accountable by passing the toughest set of financial regulatory reforms since the Great Depression. He is also the only candidate who supports curbing excessive credit card and bank overdraft fees that unfairly punish consumers.

Wall Street Reform

Kendrick voted in favor of Wall Street reform to modernize our nation's financial regulatory system and prevent future financial meltdowns and bailouts that jeopardize the nation's economy. In 2008, a small group of Wall Street insiders wreaked havoc on the backs of middle-class Florida families. Kendrick believes it's time to stop turning a blind eye to the greed and recklessness of Wall Street by reining in these practices once and for all.
Wall Street reform includes important consumer protections, including:

* Creating a new Consumer Financial Protection Bureau (CFPB) to protect families and small businesses by ensuring that bank loans, mortgages, and credit cards are fair, affordable, understandable, and transparent.
* Ending taxpayer funded bailouts by requiring the Big Banks to foot the bill for any future bailouts.
* Increasing transparency at the Federal Reserve by subjecting it to regular audits and scrutiny by the Government Accountability Office (GAO).

Unfair and Excessive Credit Card Fees

Kendrick has worked hard to protect consumers by limiting unfair and excessive credit card and bank overdraft fees.

In 2005, he introduced the Overdraft Fee Notification Act to stop the Big Banks from imposing fees or charges for consumer overdrafts without prior notification and consumer consent at the time of transaction. Consumers need to have all information available to them so they can make educated financial decisions.

Kendrick also voted for the Credit Cardholders' Bill of Rights to put tough new consumer protections in place by banning unfair rate increases, abusive fees, and penalties such as double-cycle billing.

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