PolitiFact.com
Statements about Financial Regulation
James Langevin

James Langevin

False

Plausible but unproven

"Foster children are disproportionately victims of identity theft."

Michael Moore

Michael Moore

Mostly True

Not any names you've heard of

"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."

Bernie Sanders

Bernie Sanders

True

Smaller than some foreign-based banks, but still a sizable share

"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."

Dennis Kucinich

Dennis Kucinich

True

Poof! Instant assets

"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."

Rick Perry

Rick Perry

Half-True

Giddyap! Whoa!

Says he did not support the October 2008 legislation to rescue Wall Street firms.

Sean Duffy

Sean Duffy

Mostly False

Paperwork’s piling up, but nobody knows how high on the little guy

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."

Rick Scott

Rick Scott

False

Florida's been AAA since 2005

"Our credit rating went up since I've been in office."

Ash Williams

Ash Williams

False

Legislature discussed for a total of 36 minutes

"The (State Board of Administration) transparency issue got a great airing the last legislative session."

Elijah Cummings

Elijah Cummings

True

It's even less than 1 percent

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."

Sergio Marchionne

Sergio Marchionne

Half-True

New Chysler square; Old Chrysler not

"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."

Marcy Kaptur

Marcy Kaptur

False

Two-thirds of something, but it's not capital

"Six institutions in our country now control two thirds of the capital."

Mike Pence

Mike Pence

Mostly False

What about jobs saved by the new regulations?

The financial regulatory bill "will kill jobs."

Bumper Sticker

Bumper Sticker

Half-True

The old pay gap, it ain't what it used to be.

"CEOs now earn 431 times what their workers earn."

Glenn Grothman

Glenn Grothman

False

Those “usurious vipers” are extinct in some states, but alive and well in Minnesota

The payday loan industry "does not exist in a state like Minnesota."

Virginia Tea Party Patriots

Virginia Tea Party Patriots

Half-True

A glaring omission: Wages have gone up dramatically since 1913.

Since the Fed was created in 1913, "the U.S. Dollar has lost 98% of its purchasing power." 

John Boehner

John Boehner

True

A lot of regs, but too popular to repeal

Says that the new financial services law requires 358 regulatory filings.  

Barack Obama

Barack Obama

Half-True

He's using one way to calculate it; there are others

Stabilizing the recent financial crisis "will cost less than 1 percent of GDP," which is less than the 2.5 percent to fix the savings and loan crisis of the 1980s.

Rick Scott

Rick Scott

True

Bank employees got a 5 percent commission for referrals

"Your tellers were paid kickbacks for directing elderly consumers from ... safe deposits to risky ones."

Alex Sink

Alex Sink

Mostly True

Scheme largely crafted by the bank's investment arm

The lawyer who brought the case against NationsBank said "publicly that Alex Sink had nothing to do with the case, had nothing to do with the situation and didn't know about the problems."

Glenn Nye

Glenn Nye

Mostly False

He wasn't in Congress when TARP was approved.

 Says he "voted no on the Wall Street bailouts."

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