Shaheen offers her plan to address Wall Street crisis
Thursday September 18, 2008
By: Robert M. Cook
From: Fosters.com
Thursday September 18, 2008
By: Robert M. Cook
From: Fosters.com
DOVER — Democratic U.S. Senate candidate Jeanne Shaheen said more oversight and disclosure is needed to reform the nation's financial markets.
Speaking by phone with reporters Wednesday, the former governor blamed her Republican opponent in the Senate race, Sen. John Sununu, and other GOP lawmakers for allowing the crisis on Wall Street.
She said Sununu, as a member of the U.S. House in 1999, voted for legislation sponsored by former Republican Texas Sen. Phil Gramm that allowed banks to fuse with real estate and securities enterprises.
"He's boasting about a 12-year record that has led to one of the worst crises on Wall Street," Shaheen said.
In response, Sununu said he filed legislation to strengthen oversight over Freddie Mac and Fannie Mae five years ago.
He also said he filed legislation to create a federal oversight role for the insurance market and to reform and improve regulation of credit rating agencies.
"Jeanne Shaheen simply doesn't understand the record and she certainly doesn't understand these markets," Sununu said.
Shaheen said she would push for stronger capital, liquidity and disclosure requirements for all financial institutions.
In addition, she said she wants to end the country's patchwork system of overlapping and competing oversight and create one, streamlined system that works better for 21st century markets.
Shaheen also said she would fight to regulate financial institutions based on the products and services they offer. For example, investment banks that are in the mortgage loan business should be subject to the same regulations as commercial banks.
Speaking by phone with reporters Wednesday, the former governor blamed her Republican opponent in the Senate race, Sen. John Sununu, and other GOP lawmakers for allowing the crisis on Wall Street.
She said Sununu, as a member of the U.S. House in 1999, voted for legislation sponsored by former Republican Texas Sen. Phil Gramm that allowed banks to fuse with real estate and securities enterprises.
"He's boasting about a 12-year record that has led to one of the worst crises on Wall Street," Shaheen said.
In response, Sununu said he filed legislation to strengthen oversight over Freddie Mac and Fannie Mae five years ago.
He also said he filed legislation to create a federal oversight role for the insurance market and to reform and improve regulation of credit rating agencies.
"Jeanne Shaheen simply doesn't understand the record and she certainly doesn't understand these markets," Sununu said.
Shaheen said she would push for stronger capital, liquidity and disclosure requirements for all financial institutions.
In addition, she said she wants to end the country's patchwork system of overlapping and competing oversight and create one, streamlined system that works better for 21st century markets.
Shaheen also said she would fight to regulate financial institutions based on the products and services they offer. For example, investment banks that are in the mortgage loan business should be subject to the same regulations as commercial banks.
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