Chairman Rockefeller Applauds President Obama’s Financial Proposal
Says Focus Must Always Be On Consumer Protections
June 17, 2009
Washington, D.C.—Senator John D. (Jay) Rockefeller IV, Chairman of the Senate Commerce, Science and Transportation Committee, applauded President Obama’s new financial regulation plan that will protect consumers by imposing stricter government oversight of the financial services system.
“In the Senate Commerce Committee, I held my very first hearing as Chairman on consumer protections from mortgage fraud and I will never stop fighting for needed safeguards for all families. The Federal Trade Commission (FTC) must have the ability to aggressively pursue fraud and crack down on predatory lenders. We are long overdue for more aggressive efforts that educate and protect consumers from predators that take advantage of gaps in our system. As the President said so well in his speech, these aren’t just numbers on a chart, these are people’s lives affected—a senior deciding when to retire, a child receiving an education, or a family’s ability to pay their bills.”
Senator Rockefeller has been a longtime fighter for increased consumer protections. As Chairman of the Senate Commerce Committee, in the first half of this year alone, he chaired hearings on consumer protection, the credit crisis, mortgage fraud, and health insurance fraud. He continues to fight for stronger regulations that protect consumers over corporations.
Background on the President’s Proposal
In the President’s speech, he said that agencies like the FTC must have increased resources to crack down on fraud and improve consumer protections. He also called for a new agency, one that would be charged with looking out for ordinary consumers.
The President’s plan will:
- Require that all financial firms that pose a significant risk to the financial system are subjected to strong consolidated supervision and regulation.
- Increase market discipline and transparency to protect consumers and make our markets strong enough to withstand system-wide stress and the potential failure of one or more large financial institutions.
- Rebuild consumer confidence and trust in our markets by creating the Consumer Financial Protection Agency to focus exclusively on protecting consumers in credit, savings and payment markets.
- Provide the government with the tools needed to manage financial crises so it is not forced to choose between bailouts and financial collapse.
- Raise international regulatory standards and improve international coordination.
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