"Too often in recent years the interests of Wall Street have trumped those of Main Street, and middle class Vermonters have paid the price. As the nation's big banks, credit card companies and oil industry conglomerates continue to fight for special deals, we must fight back and ensure that hardworking Americans have the resources they need to support their families, get ahead and save for a secure retirement. As we work to rebuild the nation's economy, we must increase affordability for all families and
restore the middle class."
Congressman Welch:
*Introduced the Wall Street Bonus Tax Act (H.R. 4426), which would tax excessive bonuses at government-supported banks and invest the proceeds in a new direct lending program administered by the Small Business Administration.
*Supported the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173), which created a new consumer protection authority, ended "too-big-to-fail" bailouts, increased financial transparency and strengthened oversight of Wall Street.
*Supported the Credit Cardholders' Bill of Rights (H.R. 627), which protects consumers from arbitrary interest rate increases, double-cycle billing, due-date gimmicks and other abusive credit card industry practices.
*Sponsored the Consumer Price Index for Elderly Consumers Act (H.R. 2429), which calls for a recalculation of the Social Security cost-of-living-adjustment so that it more accurately reflects the spending patterns of seniors, who face high health care costs.
*Sponsored the DISCLOSE ACT (H.R. 5175), which counters the recent Citizens United decision by the US Supreme Court by reducing the influence of Wall Street firms, oil companies and other major corporations on elections.