Jeanne Shaheen Discusses Need For New Direction On Wall Street At Manchester Stop & Shop, Visits Voters At Puritan Backroom, Joins Fire Fighters In Rochester For Chili Feed
Friday September 19, 2008
Friday September 19, 2008
(Manchester, NH) – Today, former Governor and current US Senate candidate Jeanne Shaheen visited a Manchester Stop & Shop to tour the facility, meet with workers and emphasize her plans to help take our economy in a new direction that works for working people. Shaheen also visited with voters at the Puritan Backroom restaurant in Manchester and joined fire fighters in Rochester for a chili feed.
"The lack of oversight and lax regulation in our financial markets has padded Wall Street's bottom line at the expense of working families," Shaheen said. "And now this crisis is putting additional strain on middle class families who are already struggling in this economy. Housing values are dropping even further, pensions and 401ks are in jeopardy and it is becoming harder and more expensive to borrow.
"The root cause of this crisis is the deterioration of regulation and oversight in mortgage markets," Shaheen continued. "We need to end the abusive practices on Wall Street and protect America's middle class families by strengthening oversight and increasing transparency in our financial markets. In the Senate, I will fight for real oversight, accountability and transparency to ensure that we do not wind up in this situation again."
At the Manchester Stop & Shop, in response to the recent turmoil on Wall Street, Shaheen discussed immediate steps we can take to bring tougher accountability to the markets:
*First, capital, liquidity and disclosure requirements should be developed and strengthened for all financial institutions.
*Second, we should end our patchwork system of overlapping and competing oversight and create one, streamlined system of oversight that functions effectively in 21st century markets.
*Third, we should regulate financial institutions based on the products and services they offer, not based on the kind of institution they are. For example, investment banks who are in the mortgage loan business should be subject to the same regulations as commercial banks.
Regulation should identify, disclose, and oversee risky behaviors – regardless of what kind of financial institution engages in them.
For more information, visit www.JeanneShaheen.org.
"The lack of oversight and lax regulation in our financial markets has padded Wall Street's bottom line at the expense of working families," Shaheen said. "And now this crisis is putting additional strain on middle class families who are already struggling in this economy. Housing values are dropping even further, pensions and 401ks are in jeopardy and it is becoming harder and more expensive to borrow.
"The root cause of this crisis is the deterioration of regulation and oversight in mortgage markets," Shaheen continued. "We need to end the abusive practices on Wall Street and protect America's middle class families by strengthening oversight and increasing transparency in our financial markets. In the Senate, I will fight for real oversight, accountability and transparency to ensure that we do not wind up in this situation again."
At the Manchester Stop & Shop, in response to the recent turmoil on Wall Street, Shaheen discussed immediate steps we can take to bring tougher accountability to the markets:
*First, capital, liquidity and disclosure requirements should be developed and strengthened for all financial institutions.
*Second, we should end our patchwork system of overlapping and competing oversight and create one, streamlined system of oversight that functions effectively in 21st century markets.
*Third, we should regulate financial institutions based on the products and services they offer, not based on the kind of institution they are. For example, investment banks who are in the mortgage loan business should be subject to the same regulations as commercial banks.
Regulation should identify, disclose, and oversee risky behaviors – regardless of what kind of financial institution engages in them.
For more information, visit www.JeanneShaheen.org.
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