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May 20, 2010
Op-ed: Choosing Main Street over Wall Street
Fayetteville Observer
By Rep. Bob Etheridge
As a former North Carolina small businessman, I have always believed in America's free enterprise system. But the bandits on Wall Street have proven that unchecked greed by a few bad actors has disastrous effects on middle-class families.
We need to replace the culture of lawlessness in the financial sector with common-sense rules of the road. We need to hold Wall Street fat cats accountable for their actions. And we also need to focus on the needs of average working people instead of corporate special interests.
For too long, our financial institutions on Wall Street acted as if our economy was a casino for their executives. Wall Street made billions betting against America's working families and left the taxpayers picking up the tab for their excesses. The financial crisis they created did not prevent them from taking big bonuses, but hit the middle class hard.
New legislation
Congress must pass a new law to make Wall Street play by the common-sense rules that reflect the values of folks in North Carolina. We need to rein in out-of-control Wall Street practices and make sure that no bank can ever take our financial system and economy to the brink of disaster again. The pending legislation protects consumers, families and small businesses from the deceptive practices of Wall Street banks and their lobbyists.
We must make sure unscrupulous lenders do not take advantage of folks who are trying to plan for their financial future. We need to put in place effective consumer protections for sub-prime mortgages, prevent excessive overdraft fees and abusive credit card practices, and make sure that you know what you are getting when you buy financial products. These new rules will put consumers and local communities first over the interests of Wall Street's big banks.
Unfortunately, powerful interests are lining up in the halls of Congress to block needed reform that will hold Wall Street accountable. I will keep fighting for the middle class and small businesses, so that they are never again forced to foot the bill for Wall Street's excesses. We must end taxpayer-funded bailouts, make big banks accountable for their own failures and give regulators the tools they need to put the interests of middle-class Americans first.
This is common-sense reform.
By putting rules in place to empower consumers and families, we can stop executives on Wall Street from reaping rewards for irresponsible activity. Today, our economy has started to rebound and job growth is heading in the right direction. Although major obstacles to success still remain and many families continue to struggle, we are beginning to make progress.
Job creation for North Carolina families and small businesses is my top priority in Congress. We have passed legislation which has a direct and positive impact on the pocketbooks and kitchen tables of North Carolina families. I will continue to work until every North Carolinian who wants to work hard can find a good job and make the most of his or her God-given abilities. And our national leadership must put the interests of average Americans ahead of corporate special interests and greedy Wall Street executives.
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