My Message to Feds: Time to Get Tough on Wall St., Banks

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From Illinois Attorney General Lisa Madigan

Yesterday, I traveled to Washington D.C. to testify before the Financial Crisis Inquiry Commission — the bipartisan, 10-member panel established by Congress to examine the causes of the financial crisis that led to the current recession. 

In my testimony I pointed out that, since 2003, as the chief consumer advocate for the state of Illinois, I have observed first-hand the greedy practices that drove lenders to push consumers into unsustainable, high-cost mortgages and I highlighted the failure of federal agencies to listen to the warnings of many attorneys general, including myself, of an impending economic meltdown.

I also argued that state officials are often the “first responders” to abuses in the marketplace and should retain all necessary authority to investigate and prosecute harmful financial practices. 

I recommend this Reuters article if you want to find out more regarding the need for state regulation of banks.  I also urge you to read this Washington Post article describing what federal regulators could have done to prevent the financial crisis and what steps are now being taken to stop the financial industry from continuing to risk our nation’s economic security for the sake of short-term profit. 

As financial reform legislation winds its way through Congress, I will continue to keep you informed and let you know when your calls and letters are needed so that, together, we can make sure our country and our families never have to endure a crisis like this again.

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