The crisis that has led to so much economic carnage in the lives of middle class Americans was caused by the long-standing failure of our regulatory structure to adapt to our changing financial system and prevent the sort of dangerous risk-taking that led us here.”It is time to act”, he said.
The crisis that has led to so much economic carnage in the lives of middle class Americans was caused by the long-standing failure of our regulatory structure to adapt to our changing financial system and prevent the sort of dangerous risk-taking that led us here.
The economic damage that resulted from those failures tears at the very fiber of our middle class.
While some of the most prominent American financial institutions have been destroyed or badly weakened, the far worse damage has been done to millions of American families who did nothing wrong.
We are still vulnerable to another crisis – and neither I nor anyone else can tell you with any degree of certainty that the American economy could survive another crisis of this magnitude. It is time to act.
This legislation has three main goals.
First, we must plug the gaps and eliminate the inefficiencies that allowed this last crisis to happen – and still exist today.
Second, in addition to looking in the rear view mirror, we must look through the windshield.
There will be shocks to our system in the future – and we need an early warning system so that, next time, our system is prepared to deal with them.
Third, we must protect American consumers and honest businesses, so that we can:
- restore optimism in our economy and confidence in our institutions,
- renew the flow of credit and capital,
- reestablish America as the world leader in financial services,
- and rebuild a strong foundation to create jobs and prosperity for American families.
© US Banking Senate
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