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Mike on the Economy

Not surprisingly, the economy has been a focus of Congress for some time now. As a member of the House Committee on Financial Services, I worked with my colleagues for many months to pass new financial regulations and revamp those that did not appear to be working as they should. H.R. 4173: the Dodd-Frank Wall Street Reform & Consumer Protection Act was finally passed into law in July 2010.

In particular, the law establishes a systemic risk regulator to monitor any risks that could cause widespread difficulties in the financial system. It also creates a new agency to protect consumers and ensure loans, mortgages and credit cards are understandable and fair. Prior to passing the bill, I hosted several economic roundtables with leading experts from the 8th district to discuss different approaches to reforming financial regulations. It was important that Congress strike the right regulatory balance, focusing on increasing transparency and restoring faith in our financial system.

While we have had successes, much work remains to be done. How to restructure Fannie Mae and Freddie Mac will be a major topic in upcoming months, as well as the oversight and implementation of the Wall Street Reform bill. I will continue to work hard to ensure we maintain access to affordable mortgages and meaningful consumer protections.

In 2009, Congress also passed S. 896: the Helping Families Save Their Homes Act into law legislation to make it easier for homeowners struggling with their mortgage to refinance at a more affordable rate. I worked very hard to make sure that tenants received some much needed protections, by requiring 90 days notice before they have to leave a foreclosed home. Congress also enacted H.R. 627: The Credit Cardholders' Bill of Rights Act to address problems with the credit card industry, making it harder for companies to increase rates retroactively or without notice. In addition, the American Recovery and Reinvestment Act was passed into law during the last Congress to create and preserve as many jobs as possible in a difficult economy. It directs funds to states for a number of needs, including education, health care and infrastructure improvements.

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