Everyone should play by the same rules, from Main Street to Wall Street.
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Progress
Fought for and implemented historic financial reforms to create a more stable and responsible financial system that holds Wall Street accountable, discourages irresponsible financial risk-taking, and ends taxpayer-funded bailouts
Read about the Fraud Enforcement and Recovery Act: http://wh.gov/W5A
Created the Consumer Financial Protection Bureau tasked to protect consumers from deceptive and predatory financial practices by ensuring banks, mortgage and student loan lenders, and credit card companies play by the rules.
Read about ending subsidies for student loan lenders: http://wh.gov/T0b
What's Next
Eliminate confusing financial forms by simplifying credit card agreements and consolidating two complex mortgage disclosure forms into one plain language document.
Implement supervision and regulation over previously unregulated financial services providers such as payday lenders, debt collectors, credit bureaus and money transmitting services.
Read about the Consumer Financial Protection Bureau : http://wh.gov/WYW
Impose a Financial Crisis Responsibility Fee on the largest financial institutions to compensate taxpayers for the extraordinary support they provided to stabilize the financial sector.
Make sure Wall Street plays by the same rules as Main Street. Continue implementing Wall Street reform to prevent practices that helped lead to the financial crisis.
Crack down on fraud. Investigate large-scale financial fraud, and make the penalties for fraud count—not something banks and financial firms see as the price of doing business.