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.