Reforming Wall Street & Protecting Consumers
I was proud to have been a representative of the Small Business Committee on the conference committee for Wall Street Reform Legislation. Early Friday morning, the House and Senate conferees reached a compromise on the different versions of Wall Street Reform passed by the House and Senate. This bill will take unprecedented steps to regulate Wall Street and protect consumers and community banks. It ensures that no hedge fund manager, bank CEO, or corporate subsidiary will ever again be able to threaten the downfall of the American economy without accountability. It is a direct response to the financial meltdown of 2008 that wiped out trillions of dollars in Americans’ retirement accounts and threatened to halt lending to U.S. businesses, including particularly vulnerable small businesses. The agreed upon legislation is expected to be voted on in the House and Senate prior to the 4th of July.
Imposing Strongest Iran Sanctions in History
This week, I voted to impose sanctions on the Iranian regime which are unprecedented in their scope and severity. A nuclear Iran is an unacceptable threat to the U.S., to the Middle East, and to our allies, particularly Israel. Ahmadinejad and his regime cannot be allowed to continue down their dangerous path of nuclear ambition and support of global terrorism.
H.R. 2194, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, includes rigorous measures designed to force Iran to abandon its illegal nuclear weapons agenda, cease its support of international terrorism, and stop the regime’s regular and systemic abuses of human rights. The legislation passed in both the House and the Senate with overwhelming bipartisan support. In the Senate, it passed 99-0, and in the House the tally was 408-8. This bill gives every banking institution and international company out there a clear choice—they can either dirty their hands with blacklisted Iranian cronies or enjoy fruitful commerce with the United States, they cannot do both. I am proud to have been a part of passing this bill and putting into place the toughest sanctions Congress has ever passed against Iran.
Increasing Transparency and Accountability in Campaigns
This week, I also voted for the bipartisan DISCLOSE Act to protect the first amendment rights of Americans and to increase transparency and accountability in campaigns. This bill, which was supported by the White House, passed the House by a vote of 219-206 and is expected to be voted on in the Senate promptly. This commonsense bill will prevent the voices of everyday Americans from being drowned out by companies and others willing and able to spend millions to “buy” candidates.
The DISCLOSE Act requires most organizations, companies or individuals funding political advertisements to declare their affiliation, just as candidates must endorse their political messages. It prevents foreign companies from spending unlimited amounts to sway U.S. elections in their favor. It also bars Wall Street banks and other “bailed-out” industries from spending taxpayer money on campaign advertisements.
