With legislation to overhaul the financial system making progress on Capitol Hill, the progress in our country’s economic recovery is promising. The House passed its form of financial reform and the Senate is likely to begin debating its version next week. President Obama’s speech yesterday reflected the importance of holding Wall Street accountable for its greedy practices, which caused our economy so much strife. He said, “Some on Wall Street forgot that behind every dollar traded or leveraged, there is a family looking to buy a house, pay for an education, open a business or save for retirement. What happens here has real consequences across our country."
As a father, worker, and educator, each one of those topics mentioned by the President hits home for me. I, like the rest of America, want to have confidence in our financial system. I want my students to know that they will be able to continue their education. I want my sons to know that their children will be able to attend college, and buy a house. I want my friends to know that their new business will stay open.
I support the President in his push for reform because America cannot afford another financial crisis. The tax payers should not have to bail out banks - or any business for that matter - that is failing because its leadership forgot what it was like to have a conscience. With more "say in pay", stockholders will have true input on executive pay and bonuses. A fund to “wind down” failing banks remove the burden of bailouts from the taxpayers.
This is legislation is not about "big government", as the GOP would have you believe. In fact, this legislation has significant support on Wall Street and, if anything, should be strengthened. When the Glass-Steagall Act was repealed in 1999, over sixty years of protected economic growth was placed at risk. There is no reason why we cannot return to that steady growth that America enjoyed, and took for granted, for so long. Those who do not study history are doomed to repeat it.
We saw the danger first hand in the fall of 2008. We will learn from our experience, and move forward as America has always done. With strong action by Congress, we will all feel safer about the economic future of our great country.
For a simplified breakdown of the reform bill, go here.
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