Issue Position: I Support Dodd-Frank

Issue Position

Government must prevent the kind of abuses we saw in the sub-prime mortgage business. I support Dodd-Frank, which will regulate the derivatives industry. In the long run, our economy will grow again by creating jobs for all Americans.

Financial lobbyists are working hard to kill or water down Dodd-Frank. Wall Street has hired Mark Young of Scadden Arps to attempt to water down derivatives legislation. Sefcon it"s called. They are asking members of Congress for "clarification" of Dodd-Frank. Their "clarification" is just an excuse to get into the politician's office and attempt to influence to have the legislation dropped. If elected, the Wall Street lobbyist can skip my office. Regulation is to protect the least of us and is long overdue.

In the UK they are also attempting to regulate derivatives. The European Commission recently proposed regulations to limit investor positions in commodity derivatives and increase oversight of high-frequency and algorithmic trading. Also, the new rules require off-exchange brokers to meet the same trade transparency requirements as large exchanges. It also scraps transparency exemptions for derivative and bond trading. Good government regulation is the only thing that protects people from greed.

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