Hillary Clinton_ My Plan To Prevent The Next Financial Crash.pdf

10/8/2015 HillaryClinton:MyPlanToPreventTheNextFinancialCrash

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Posted By: VW Staff (http://www.valuewalk.com/author/valuewalk-staff/)Posted date: October 08, 2015 04:14:31 PM In: Politics (http://www.valuewalk.com/category/politics/)No Comments (http://www.valuewalk.com/2015/10/hillary-clinton-financial-crisis/#comments)

Hillary Clinton: My Plan To Prevent TheNext Crash

HillaryClinton'sBloombergViewcolumnonfinancialregulation.

Clintonwrites,Peoplewhocommitseriousfinancialcrimesshouldfaceserious

consequences,includingbigfines,disbarmentfromworkingintheindustryandthe

prospectofimprisonment.Aspresident,Iwillseektoextendthestatuteoflimitations

formajorfinancialcrimes,enhancewhistleblowerrewards,andincreaseresources

fortheDepartmentofJusticeandtheSecuritiesandExchangeCommissionto

investigateandprosecuteindividuals.Weshouldalsoholdfinancialexecutives

accountableforegregiousmisconductbytheirsubordinates.Theyneedtolosetheir

bonusesand,insomecases,theirjobs.

Second,IwillworkwithCongressandindependentregulatorstoreininthe

complexityandriskinessofmajorfinancialinstitutions.TheDoddFrankActthat

PresidentObamasignedafterthecrisishasalreadymadeimportantreforms,but

theresmoretodo.

Fullcolumnonlinenow(http://bv.ms/1ZhMpTa)HillaryClinton:MyPlanToPrevent

TheNextCrashandbelow.

Hillary Clinton: My Plan To Prevent The Next CrashByHillaryClinton

Sevenyearsafterthefinancialcrash,despiteimportantnewrulessignedintolawby

PresidentBarackObama,therearerisksinourfinancialsystemthatcouldstillcause

anothercrisis.Bankshavepaidbillionsofdollarsinfines,butfewexecutiveshave

beenheldpersonallyaccountable.Toobigtofailisstilltoobigaproblem.

Regulatorsdonthaveallthetoolsandsupporttheyneedtoprotectoureconomy.To

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preventirresponsiblebehavioronWallStreetfromeveragaindevastatingMain

Street,weneedmoreaccountability,tougherrulesandstrongerenforcement.Ihavea

plantobuildontheprogresswevemadeunderPresidentObamaanddojustthat.

Intheyearsbeforethecrash,asfinancialfirmspiledriskuponrisk,regulatorsin

Washingtoneithercouldntorwouldntkeepup.TopregulatorsunderPresident

GeorgeW.Bushposedforapictureliterallytakingachainsawtobankingrules.

Beforethecrisishit,asasenatorfromNewYork,Iwasalarmedbythisgathering

storm,andcalledforaddressingtherisksofderivatives,crackingdownonabusive

subprimemortgagesandimprovingfinancialoversight.Unfortunately,theBush

administrationandRepublicansinCongresslargelyignoredcallsforreform.The

resultcost9millionAmericanstheirjobs,drove5millionfamiliesoutoftheirhomes

andwipedoutmorethan$13trillioninhouseholdwealth.

ThankstoPresidentObamasleadershipandthedeterminationandsacrificeofthe

Americanpeople,weveworkedourwayoutofthatditchandputoureconomyon

sounderfooting.Nowwehavetokeepgoing.

First,itstimeformoreaccountabilityonWallStreet.Storiesofmisconductinthe

financialindustryareshockinglikeHSBCHoldingsplc(ADR)(NYSE:HSBC

(http://www.valuewalk.com/stockdata/?stock_symbol=NYSE:HSBC))(LON:HSBA

(http://www.valuewalk.com/stockdata/?stock_symbol=LON:HSBA))allowingdrug

cartelstolaundermoneyorfivemajorbankspleadingguiltytofelonychargesfor

conspiringtomanipulatecurrencyexchangerates.Thisiscriminalbehavior,yetthe

individualsresponsibleoftengetoffwithlimitedconsequencesornoneatall.Iwant

tochangethat.

Peoplewhocommitseriousfinancialcrimesshouldfaceseriousconsequences,

includingbigfines,disbarmentfromworkingintheindustryandtheprospectof

imprisonment.Aspresident,Iwillseektoextendthestatuteoflimitationsformajor

financialcrimes,enhancewhistleblowerrewards,andincreaseresourcesforthe

DepartmentofJusticeandtheSecuritiesandExchangeCommissiontoinvestigate

andprosecuteindividuals.Weshouldalsoholdfinancialexecutivesaccountablefor

egregiousmisconductbytheirsubordinates.Theyneedtolosetheirbonusesand,in

somecases,theirjobs.

Second,IwillworkwithCongressandindependentregulatorstoreininthe

complexityandriskinessofmajorfinancialinstitutions.TheDoddFrankActthat

PresidentObamasignedafterthecrisishasalreadymadeimportantreforms,but

theresmoretodo.

OneseriousapproachbeingadvocatedistopassanupdatedGlassSteagallAct,

separatingcommercialandinvestmentbanking,toreducethesizeofthebanksand

theriskofataxpayerbailout.Icertainlysharethegoalofneverhavingtobailoutthe

bigbanksagain,butIpreferthepathoftacklingthemostdangerousrisksina

differentway.

Tostart,Iwillproposeanewfeeonriskthatwoulddiscouragethetypeofexcessive

leverageandshorttermborrowingthatcouldsparkanothercrisis.Weshouldalso

strengthenandenforcetheVolckerRulesobankscantmakeriskyandspeculative

tradingbetswithtaxpayerbackedmoney.Andifabanksufferslossesthatthreatenits



overallfinancialhealth,seniormanagersshouldlosesomeoralloftheirbonus

compensation.Thatwillensurethatfinancialexecutiveshaveskininthegameanda

realincentivetoavoidrecklessrisktaking.

Myplanwouldalsogiveregulatorstheauthoritytheyneedtoreorganize,downsizeor

evenbreakapartanyfinancialinstitutionthatistoolargeandriskytobemanaged

effectively.Itisacomprehensiveandflexibleapproach.Itallowsregulatorstoadaptto

changingmarketsandhelpensurethatlargefinancialfirmsneverposeadangerto

ourentireeconomy.

Wevelearnedthehardwaythattheresnosubstitutefortough,empoweredregulators

withtheresourcesandsupporttodotheirjob.ThatswhyIvesupportedWisconsin

SenatorTammyBaldwinsbilltorestoretrustingovernmentandslowWallStreets

revolvingdoor.Weneedtofindthebest,mostindependentmindedpeopleforthese

importantregulatoryjobspeoplewhowillputconsumersandeverydayinvestors

aheadoftheindustriesandinstitutionstheyresupposedtooversee.

Third,weneedacomprehensivestrategytoreduceriskeverywhereinthefinancial

system.Afterall,manyofthefirmsattheheartofthecrashin2008,likeLehman

BrothersHoldingsIncPlanTrust(OTCMKTS:LEHMQ

(http://www.valuewalk.com/stockdata/?stock_symbol=OTCMKTS:LEHMQ)),Bear

StearnsandAmericanInternationalGroupInc(NYSE:AIG

(http://www.valuewalk.com/stockdata/?stock_symbol=NYSE:AIG)),werenot

traditionalbanks.Illpushforstrongeroversightoftheshadowbankingsector,

whichincludescertainactivitiesofHedgeFunds

(http://www.valuewalk.com/tag/hedgefunds/),investmentbanksandothernonbank

financecompanies.

Fourth,weneedtoensurethateverydayinvestorsandconsumerscantrustthatour

financialmarketsworkforthemandnotjustforinsiderswiththemost

sophisticated,specializedandfastestconnections.Thatiswhyweshouldimposeatax

onthehighfrequencytradingthatmakesourmarketslessstableandlessfair.Andwe

shouldreformtherulesthatgovernourstockmarketstoensureequalaccessto

marketsandinformation,increasetransparency,andminimizeconflictsofinterest.

Finally,IwillvetoanylegislationthatwouldweakenDoddFrank.Wecantgobackto

thedayswhenWallStreetcouldwriteitsownrules.IbelievewecandefendDodd

Frankwhileeasingburdensoncommunitybankssotheyareabletolendresponsibly

tothehardworkingfamiliesandsmallbusinessestheyknowandtrust.Wealsohave

todefeatRepublicanattemptstoguttheConsumerFinancialProtectionBureauan

agencydedicatedsolelytoprotectingAmericansfromunfairanddeceptivefinancial

practicesandtoexploittheupcomingbudgetanddebtceilingnegotiationsfor

rollbacksinfinancialreforms.

Thebottomlineisthatwecanneverallowwhathappenedin2008tohappenagain.

Justasimportant,wehavetoencourageWallStreettoliveuptoitsproperroleinour

economyhelpingMainStreetgrowandprosper.Withstrongrulesoftheroadand

smartincentives,thefinancialindustrycanhelpmoreyoungfamiliesbuythatfirst

home,makeitpossibleforentrepreneurstocreatenewsmallbusinessesandsupport

hardworkingAmericanssaving



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