Statements about Financial Regulation
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."
The budget for the Consumer Financial Protection Bureau "is only about 1 percent of the amount banks generate just from late fees and overdraft fees."
"Less than two years ago, we made a commitment to repay the U.S. . . .taxpayers in full, and today we made good on that promise."
"Six institutions in our country now control two thirds of the capital."
The financial regulatory bill "will kill jobs."
"CEOs now earn 431 times what their workers earn."
The payday loan industry "does not exist in a state like Minnesota."
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