On Thursday, Hillary Clinton released a statement supporting a new rule proposed by the Consumer Financial Protection Bureau (CFPB) regulating payday lenders. The rule would change the way payday lenders assess the borrower’s ability to repay the loan, and would make it more difficult for lenders to roll over loans, a practice that typically leads to additional fees. The CFPB’s rules would also prevent lenders from automatically withdrawing fees from borrower’s bank accounts. Clinton supports the rule saying that it will help protect families from high interest rates and outrageous fees. A copy of Clinton’s statement is below:
“Abusive payday lenders have for too long been a drain on the resources of families in need, charging outrageous fees and interest rates, trapping families in never-ending cycles of debt, and subjecting them to brutal debt collection practices. Today, the Consumer Financial Protection Bureau — a government watchdog dedicated solely to protecting working Americans from unfair and deceptive financial practices — is putting forward an important proposal to crack down on abusive payday lending, and I stand with them in that effort.
This is an important point of contrast in this campaign. Donald Trump wants to strip the U.S. government’s power to apply rules to payday lenders, abolish this critical consumer watchdog, and roll back the other Wall Street reforms that we put in place after the financial crisis. Working families deserve a president who will look out for them — not payday lenders and special interests on Wall Street.”
MANCHESTER, NH – SEPTEMBER 19: Democratic presidential candidate Hillary Clinton raises her arms stands on stage during the New Hampshire Democratic Party Convention at the Verizon Wireless Center on September 19, 2015 in Manchester, New Hampshire. (Photo by Scott Eisen/Getty Images)
On Thursday, Hillary Rodham Clinton unveiled her plan to regulate Wall Street and protect Americans. In an op-ed on Bloomberg she explained her plan and her reasoning for a number of its points. She then released details of the plan on The Briefing. The plan is very detailed and it would be impossible to insert the entire plan into this post. We have summarized the main points below:
Defend and preserve Dodd-Frank
Veto any legislation that attempts to weaken the law
Fight Republican attempts to repeal it
Reduce dangerous risks in the financial system
Impose a “risk fee” on the liabilities with of banks with more than $50 billion in assets
Reorganize, downsize, or break apart firms that are too large and too risky
Increase oversight of the “shadow banking” system to reduce risk
Introduce high-frequency trading tax for the stock markets
Impose compensation rules on senior management of banking institutions that suffer losses that threaten its financial health
Strengthen the Vlocker Rule (which prohibits banks from making risky or speculative trading bets with taxpayer-backed money)
Increase transparency in the banking system
Introduce international cooperation to curb excessive risk-taking
Increase the financial system’s security against cyber attacks
Hold individuals and corporations responsible when they break the law or put the system at risk
Ensure individual accountability when prosecuting wrongdoing
Ensure that fines affect the bonuses of executives, supervisors, and employees with misconduct takes place on their watch
Prohibit individuals in financial services from working in the industry after being convicted of egregious crimes
Extend the statute of limitations for financial fraud
Strongly prosecute insider traders
Create guidelines for that ensure transparency and accountability
Require that corporations admit to wrongdoing as a condition of settlement agreements
Increase transparency of corporate settlements
Restrict SEC waivers for repeat offenders
Give prosecutors the resources to punish law-breakers
Strengthen the SEC and CFTC
Increase maximum penalties for SEC and CFTC actions
Reward whistleblowers for bringing illegal activities to attention of authorities
Ensure that the financial systems serves investors and consumers, not just itself
Make sure that Wall Street helps Main Street grow and prosper
Protect all Americans from unfair and deceptive practices that put their earned income at risk
Clinton’s plan protects hard working Americans while ensuring that those who threaten the economy and financial system as a whole are held accountable. You can read the plan in full on The Briefing and read her op-ed on Bloomberg. She summed up her plan saying, “The bottom line is that we can never allow what happened in 2008 to happen again. Just as important, we have to encourage Wall Street to live up to its proper role in our economy — helping Main Street grow and prosper. With strong rules of the road and smart incentives, the financial industry can help more young families buy that first home, make it possible for entrepreneurs to create new small businesses and support hardworking Americans saving for retirement. My plan will help us unlock that potential. We’ll create good-paying jobs, raise incomes and help families afford a middle-class life, with less speculation and more growth — growth that’s strong, fair and long-term. That’s what I’m fighting for in my campaign, and that’s what I’ll do as president.”
Tonight, Clinton will present an award during the Congressional Hispanic Caucus Institute Gala, and she will attend a private fundraiser in Washington, DC. For all the latest, follow our Scheduled Events page and follow Clinton on Twitter, Facebook, and Instagram.
Hillary Clinton Speeches 