The President’s Wall Street Reforms Are Keeping Taxpayers From Risk; Romney Would Let Wall Street Write Its Own Rules Again
Some financial firms, like JP Morgan, have made bad decisions lately that have cost them a lot – but these bad decisions have not put taxpayers at risk. We can’t stop every bad decision, but we can and must ensure they aren’t made with taxpayer dollars and they don’t put taxpayers or our economy at risk.
We knew better when Wall Street lobbyists claimed we shouldn’t worry and that these kinds of bad decisions wouldn’t happen again. That’s why President Obama pushed through historic Wall Street reforms.
- They require banks to hold more capital against the trades they make, precisely so that when they make bad decisions they pay for it, not taxpayers.
- They end “too big to fail” by putting a system in place that lets firms fail if they make even more substantial mistakes. It replaces irresponsible executives and resolves problems in an orderly way while keeping taxpayers from bearing the cost and putting our economy at risk.
These steps are a big part of why this is about the money a major firm and its shareholders are losing, not about taxpayers being put at risk. Now more than ever, we need to stand up to those who want to delay, defund, and dismantle these reforms.
The crisis we just lived through cost millions of jobs and trillions of dollars in household wealth. Never again means never again. We can’t let lobbyists and Wall Street interests slow our efforts to protect the American taxpayer and our economy.
If Mitt Romney were President, “never again” would mean “let’s try it again.” Romney wants to go back and let Wall Street write and play by its own rules again.
- Romney would recklessly return to the failed policies of the past and increase the risks of another financial crisis. Repealing Wall Street reform leaves us vulnerable to another taxpayer-funded bank bailout. It would leave families vulnerable to traps, fees, and other shady practices of debt collectors, credit card companies, and mortgage lenders.
- Romney is running on his tenure as a corporate-buyout specialist, where he made money while sending jobs overseas and bankrupting companies – and now he wants to give Wall Street a free pass. That failed and risky economic philosophy does not belong in the Oval Office.