Steve Driehaus: “In 2002 Representative Stephanie Tubbs Jones introduced legislation to crack down on predatory lending and subprime…”

“In 2002 Representative Stephanie Tubbs Jones introduced legislation to crack down on predatory lending and subprime borrowers. Acting then to protect American homeowners could have helped prevent the foreclosure crisis, which led to the financial crisis, which led to the deepest recession in generations. But instead of acting in 2002 or 2003 or every other year they controlled Congress and the White House, my Republican colleagues stood by and did nothing. We can now clearly see the result of that inaction. This week we will take long overdue steps as we vote on the most sweeping reform of our financial system since the Great Depression. Instead of leaving decisions about our financial system in the hands of Wall Street bankers, this legislation will curb the risky practices and fix the systemic flaws that brought our economy to the brink. Instead of allowing predatory lending and dangerous speculation to go unchecked, these reforms will provide real protections for Americans looking to invest or to buy a home. We cannot undo the failures of past leadership, but we can help prevent another economic crisis like this one. By passing the Wall Street reform conference report, we can chart a new course that puts America first.”