Below is a response to the recent comments I received from you:
Dear Mr. Candor:
Thank you for your correspondence regarding consumer financial protection. I appreciate hearing from you and would like to respond to your concerns.
As you know, President Barack Obama and Treasury Secretary Timothy Geithner have released their proposal for financial regulatory reform. Among other things, the Obama Administration proposes the creation of a Consumer Financial Protection Agency that would have broad authority over the regulation of financial products and services. Senator Chris Dodd (D-CT) is currently developing the Restoring American Financial Stability Act of 2009, which is a financial regulatory reform bill before the Senate Banking, Housing, and Urban Affairs Committee. In addition, Congress is working on legislation to address issues related to the banking industry that proposes several ideas for financial reform. Some of these ideas include stricter regulation on banks, as well as a single federal bank regulator in an effort to try and increase accountability and end unnecessary overlap.
The financial crisis of 2008 nearly ruined the financial markets in the United States and threatened the global economy. In addition, the failure of many financial institutions and the collapse of the stock market left many Americans with severely impacted retirement accounts. It is vitally important that we thoroughly evaluate where our laws and regulations broke down to ensure that such a disaster never happens again. These are very complex industries affecting citizens and businesses, throughout our country, so we need to be careful to reform and strengthen the system in a way that does not impose undue burdens on American businesses. I look forward to working with my colleagues in the Senate to get it right.
It is an honor and privilege to serve the people of the great State of Florida in the United States Senate. I take great pride in being a native Floridian, and I look forward to the tremendous opportunity to better the lives of all Floridians. I assure you I will work hard to represent our state to the best of my ability in the U.S. Senate. If I can be of any help to you, please do not hesitate to contact me.
Very truly yours,
George S. LeMieux
United States Senator
**Note: PLEASE DO NOT REPLY TO THIS E-MAIL. If you would like to reply to this message, please contact me through my website at http://lemieux.senate.gov.
GL/nyb
rah rah rah, but what are you actually going to do other than make speeches about how challenging the issue is and how more study is needed, more study by congress, paid for by tax dollars, your money, my money, to study study study, but not change anything... in fact, the corruption and unfairness, the divide between rich and poor, and the mistakes just get worse... and is procrastination part of the cause?...
this is what my esteemed senator responded to:
rah!
* No more bailouts: No bank should ever again be bailed out by taxpayers, so make sure no bank is "too big to fail." That goes for all corporations. Taxpayers should not be forced to bail out companies that are mismanaged. Let the millions come from the corporate executive salaries first.
* Reduce family debt: Make sure minimum loan payments cover some principal as well as interest, so people can actually pay down their debts. Fairness is not only morally right, it is good economic sense.
* Stop the legalese: Require mortgages, loan contracts and credit card terms be written simply and clearly so you don't need to be a lawyer to understand your rights and responsibilities. Do this before things get so bad that people start looking for radical change as they have in so many countries throughout history, including our own origins.
* End the 'quick profit' mentality: Pay brokers and bankers based on the long-term performance and quality of the loans they make. End 'keep the fee, pass on the risk.' There must be a reasonable salary and profit cap on business if the gap between the elite 1% and the rest of us is to stop widening. History tells us what happens when the gap gets too wide. Don't repeat the same mistakes.
* Curb the gambling: Limit the bets that banks can make, including the private side-bets that are not even reported. All transactions should be reported by law. Who's money is it, anyway?
* Don't leave consumer protection in the hands of those who failed to do it. Accountability,. You are accountable to hold bankers and corporations accountable, That is a large part of your job. Voters are accountable to hold you accountable to do your job.
* Lobbyists might pay for your cushions, but voters hire you can fire you. Listen to the voters before they lose any more faith jn the government and look for other means to create a fair and equitable society.
* Revolution does not come suddenly in the night, it is born and fed by continued mistakes by government in the light of day. I am witnessing the fall of the American Dream. The flaws of capitalism are becoming more glaring every year. It is time for a bold new enlightened approach to capitalism and government that brings us closer to the ideal of for the people, by the people, equality, and an equitable sharing of the wealth.
* I implore you to learn from the history of Rome, France, England, and other empires and live up to the ideals, hopes, and dreams of our founding fathers before it is too late.
