As a member of the Financial Services Committee that has jurisdiction over all issues pertaining to the banking system, housing, insurance, and securities and exchanges, my responsibility is to work to improve the regulatory apparatus, provide strong consumer protections, and increase access to capital for businesses to support a thriving economy. In addition, I have been appointed to serve on the Subcommittee for Capital Markets and Government Sponsored Enterprises and the Subcommittee for Oversight and Investigations.
During my first term in Congress, I was proud to help write the Wall Street Reform and Consumer Protection Act (Dodd-Frank), which creates robust consumer protections and helps ensure taxpayers are never again on the hook to bail out large financial institutions. Dodd-Frank gives federal regulators the authority to take preemptive corrective action to assess risk exposure and curb financial activity that jeopardizes the stability of the economy. Furthermore, it allows consumers to participate in the financial markets on a fair and transparent playing field.
At the epicenter of the financial crisis was the startling decline in the housing market. As the housing market slowly recovers, one of the committee’s top priorities is to reform the government sponsored enterprises (GSEs) so that they both continue to assist middle class families achieve the dream of home ownership and ensure that the American taxpayer is never again exposed to risky behavior in the housing market. The federal government must maintain a limited role to provide oversight, protect taxpayers against losses, and ensure continued access to safe and affordable mortgage products, like traditional 30-year fixed mortgage.
This Congress, I will work on the committee to enhance transparency and efficiency in the marketplace to increase access to capital and ensure a level playing field to create jobs and sustain a robust economy.