Statements about Financial Regulation
"Obama’s flush with cash, returning to Wall Street for even more money. … Wall Street sure supports President Obama."
On the Troubled Asset Relief Program (TARP)
"Bank of America could create 878,300 jobs with benefits if they spent their 2010 bonuses on job creation."
At the same time gas prices have increased, "the share of the oil market controlled by speculators has more than doubled over the past 10 years."
"In 2006, I went out and authored a letter with 24 other senators asking for major reform of Freddie and Fannie, warning of a meltdown and a bubble in the housing market."
Newt Gingrich says electric co-ops and credit unions are "government-sponsored enterprises" like Freddie Mac.
Says Freddie Mac, electric co-ops and credit unions are all "government sponsored" enterprises.
"Following the catastrophic, cascading collapse of major investment banks on Wall Street in 2007.....Nobody was prosecuted, no hearings were held and no reforms were implemented."
Richard Cordray’s nomination to head the Consumer Financial Protection Bureau marks the first time in Senate history "that a political party has blocked a nomination of someone because they didn't like the construction of the agency."
"Community banks … are being destroyed by Dodd-Frank."
On auditing the Federal Reserve
"Minimum wage = $16,000/year CEO-Goldman Sachs (Lloyd Blankfein) $16,000/Hour."
"Foster children are disproportionately victims of identity theft."
"Not a single banker, a CEO from Wall Street, anyone from corporate America — nobody, (there was) not one arrest of any of these people who brought down the economy in 2008."
"Today, you have six financial institutions, the largest six, that have assets that are the equivalent of 60 percent of the GDP of the United States of America."
"The Fed created $1.2 trillion out of nothing, gave it to banks, and some of them foreign banks, so that they could stabilize their operations."
Says he did not support the October 2008 legislation to rescue Wall Street firms.
The Dodd-Frank financial-reform law’s hundreds of new rules will force small banks and credit unions to burn up "an estimated 2,260,631 labor hours just for compliance."
"Our credit rating went up since I've been in office."
"The (State Board of Administration) transparency issue got a great airing the last legislative session."
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