Jeanne Shaheen Speaks to Portsmouth Rotary on Need to Move Economy in a New Direction, Kicks Off Fire Fighters Tour with Stops in Manchester and Hampton
Thursday September 18, 2008
Thursday September 18, 2008
(Manchester, NH) – Today, Jeanne Shaheen spoke the Portsmouth Rotary Club to outline the need for a new economic direction for small businesses and middle class families. Shaheen also called for increased accountability and oversight in the financial markets in the wake of the turmoil on Wall Street and outlined three steps she believes we should take to prevent this kind of crisis.
Shaheen also kicked off a fire fighters tour today with stops in Manchester and Hampton to discuss her proposals to take our economy in a new direction that works for working families. Shaheen was joined in Manchester and Hampton by IAFF General President Harold Schaitberger and PFFNH President Dave Lang and firefighters from across New Hampshire.
"For too long, George Bush and John Sununu have put the needs of the special interests ahead of working families, driving our economy into the ground," Shaheen said. "The lack of oversight and lax regulation in our financial markets has padded Wall Street's bottom line at the expense of working families.
"The root cause of this crisis is the deterioration of regulation in mortgage markets," Shaheen continued. "John Sununu sat on the banking committee in the Senate for five years while this crisis was developing, and did nothing to prevent it. And now this crisis is putting additional strain on middle class families who are already struggling in this economy. Housing values are dropping even further, pensions and 401ks are in jeopardy and it is becoming harder and more expensive to borrow. We need to end the abusive practices on Wall Street and that means we need a new Senator."
At the Portsmouth Rotary Club, in response to the recent turmoil on Wall Street, Shaheen discussed immediate steps we can take to bring tougher accountability to the markets:
*First, capital, liquidity and disclosure requirements should be developed and strengthened for all financial institutions.
*Second, we should end our patchwork system of overlapping and competing oversight and create one, streamlined system of oversight that functions effectively in 21st century markets.
*Third, we should regulate financial institutions based on the products and services they offer, not based on the kind of institution they are. For example, investment banks who are in the mortgage loan business should be subject to the same regulations as commercial banks.
Regulation should identify, disclose, and oversee risky behaviors – regardless of what kind of financial institution engages in them.
Shaheen also kicked off a fire fighters tour today with stops in Manchester and Hampton to discuss her proposals to take our economy in a new direction that works for working families. Shaheen was joined in Manchester and Hampton by IAFF General President Harold Schaitberger and PFFNH President Dave Lang and firefighters from across New Hampshire.
"For too long, George Bush and John Sununu have put the needs of the special interests ahead of working families, driving our economy into the ground," Shaheen said. "The lack of oversight and lax regulation in our financial markets has padded Wall Street's bottom line at the expense of working families.
"The root cause of this crisis is the deterioration of regulation in mortgage markets," Shaheen continued. "John Sununu sat on the banking committee in the Senate for five years while this crisis was developing, and did nothing to prevent it. And now this crisis is putting additional strain on middle class families who are already struggling in this economy. Housing values are dropping even further, pensions and 401ks are in jeopardy and it is becoming harder and more expensive to borrow. We need to end the abusive practices on Wall Street and that means we need a new Senator."
At the Portsmouth Rotary Club, in response to the recent turmoil on Wall Street, Shaheen discussed immediate steps we can take to bring tougher accountability to the markets:
*First, capital, liquidity and disclosure requirements should be developed and strengthened for all financial institutions.
*Second, we should end our patchwork system of overlapping and competing oversight and create one, streamlined system of oversight that functions effectively in 21st century markets.
*Third, we should regulate financial institutions based on the products and services they offer, not based on the kind of institution they are. For example, investment banks who are in the mortgage loan business should be subject to the same regulations as commercial banks.
Regulation should identify, disclose, and oversee risky behaviors – regardless of what kind of financial institution engages in them.
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