Issue Position: Reforming Wall Street
Issue Position
In 2008, a small group of Wall Street insiders wreaked havoc on the backs of middle-class Florida families. I believe 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:
The creation of 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 has been a step in the right direction
* 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).
Credit Unions.
I support maintaining the corporate tax exemption for credit unions.
"Credit unions did cause the Wall Street debacle. Credit unions offer countless programs to educate their members"
I support statutory changes to eliminate unnecessary regulatory burden and allow credit unions to expand product and service offerings to respond to the changing needs of their member-owners?
I support raising the arbitrary cap to allow credit unions the ability to help spur economic growth. Credit unions are currently able to lend up to 12.25% of their total assets under an arbitrary cap placed upon them in 1998 as part of the Membership Access Act.
I support raising this cap to 27.5% of total assets. Doing so would allow credit unions to lend up to $13 billion additional dollars in the first year and create nearly 140,000 new jobs at no cost to tax payers. In Florida alone, credit unions would be able pump an additional $594 million into the economy and create nearly 6,500 new jobs. Over 700 of these jobs would be in the district right away, with the potential for an additional 820 more to come within 2 years.
I would introduce a very strong bill to that affect
I support legislation that would modify the definition of credit union net worth to include supplemental forms of Capital for credit union
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