The rules governing financial transactions affect our pocketbooks
more and more every day. The United States needs rules that create
an effective and efficient financial network that provide consumers
with the protections they need to make informed decisions. As a
member of the Banking Committee and Chairman of the Economic Policy
Subcommittee, Chuck has been working in the Senate to accomplish
just that:
- Consumer Protection: Chuck introduced landmark legislation
to protect
consumers from unscrupulous practices by some credit card companies.
- Effective Law Enforcement: Money laundering helps criminals
and terrorists while damaging the interests of law-abiding citizens,
that's why Chuck pushed for an important crackdown
on financial institutions who deal with offshore "brass plate"
banks. Chuck also helped write the money laundering provisions
of the new antiterrorism bill passed after the September 11 terrorist
attacks to shut
down the financial operations of terrorist networks.
- A 21st Century Financial System: After eighteen years
of hard work in the House, the Senate finally passed a financial
modernization act -- a bill Chuck pushed aggressively -- in
1999 to increase competition, protect consumers, boost employment
by bringing banking into the information age.
- Better Bankruptcy Law: When the Senate was considering
a bankruptcy overhaul, Chuck authored three key amendments: one
to protect
retail businesses in Chapter 11, another to crack
down on predatory loans, and one to prevent violators of the
FACE law from escaping justice through declaring bankruptcy.
- Affordable Investment: With more Americans than ever
before investing money in the stock market, Chuck passed legislation
that will reduce
unnecessary SEC fees imposed upon each transaction.
- Access to Homeownership: A Schumer study revealed that
home loan-seekers were paying millions extra every year due to
secret credit
scores. Chuck introduced bipartisan legislation that would
require financial institution to disclose
these scores to consumers so people can improve their credit
ratings and save money when they buy homes. The bill would also
end the practice by credit reporting agencies of writing contractual
clauses that bar lenders from disclosing to consumers their credit
scores. The National Association of Realtors and Consumers Union
both support the legislation.
- Beating Predatory Lending: Chuck has also been working
to alleviate the burdens borne by consumers who are forced to
rely on predatory lenders for their credit. In his report: Capital
Access 2002: Lending Patterns in Black and White Neighborhoods
Tell a Tale of Two Cities, Chuck revealed that African Americans
have significantly more difficulty obtaining mortgages from conventional
banks than do whites of similar income levels. This forces many
to obtain loans
from predatory lenders who charge extremely high interest
rates. Recently, Chuck joined with a group of leading ministers
and the New York Bankers Association to launch the Housing
Equity Lending Project to combat the predatory lending.
For a complete index of Banking/Finance related press releases,
please click
here.
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