Jim McGovern believes that for years, Wall Street and the Big Banks exploited loopholes, gambled people’s hard-earned money on complex schemes, and rewarded failure and recklessness while Republicans turned a blind eye. America’s families and businesses paid the price.
Jim has been a strong supporter of reforming Wall Street to protect consumers and to hold the people who got us into this mess accountable.
Jim voted to create new consumer protections to ensure that bank loans, mortgages and credit cards are fair, affordable, understandable and transparent. He supported ending abusive predatory lending practices; banning credit card companies from charging outrageous fees and interest rate hikes; shutting down “too big to fail” banks before their risky and irresponsible behavior can bring down the entire economy; ending costly taxpayer bailouts; and imposing tough new rules on the riskiest financial practices that caused the financial crash.
Jim also supported reining in egregious executive compensation. He does not believe that the people who caused the crash should be rewarded with multi-million dollar “golden parachute.”
Those who argue that we should repeal these important reforms would allow Wall Street to take Americans’ hard-earned money and play Russian Roulette all over again.
Jim is also committed to a fundamental overhaul of Fannie Mae and Freddie Mac.