Clearly, the American financial institutions have worked themselves into a situation that will continue the risk that nearly brought down the world's financial institutions and that brought the world into one of its most dangerous economic times since the Great Depression. So we need to move legislation. I know that you're a member of the Financial Services Committee here and that you worked long and hard throughout the summer and fall of last year to put together comprehensive reform of the financial institutions, reform that would rein in the excesses, reform that would create transparency, reform that would create a Consumer Protection Agency.
John Garamendi: “Clearly, the American financial institutions have worked themselves into a situation that will continue the risk that…”
Editor's note · Context
Garamendi discusses the need for financial reform and the role of institutions in the economic crisis.
Share
More from John Garamendi
Bloated defense spending has been a serious problem for far too long. Requiring unfunded priorities only encourages the Pentagon to seek additional funding outside the normal budget process, often at the expense of readiness and sound…
After years of work, we are one signature away from increasing access to affordable housing for hardworking Californians.
But Congress has been clear: we do not impeach over policy differences; we impeach when the law has been broken.
As California’s Insurance Commissioner, I saw firsthand the devastating impact wildfires can have on families and communities. Homes were destroyed, lives were upended, and memories built over generations were lost in a matter of hours.





