As we look at our banking system in the light of the global credit crisis that has paralyzed our financial system and brought uncertainty to our
economy, I recognize that we must make long-term changes to our nation’s financial structure by reforming the way we regulate our financial services industry to ensure that the events that led to the crisis are not repeated. I also believe that we need to carefully consider how to protect consumers and taxpayers from the excesses of Wall Street.
While I am concerned that the sweeping reform legislation recently passed by the House of Representatives will further freeze credit and ultimately cost our economy jobs at a time when unemployment is at staggering levels, I do support efforts to carefully examine our regulatory system, determine where and how it failed, and make the changes needed to ensure that these failures do not happen again. I believe that steps need to be taken to bring transparency and accountability to our financial services industry and ensure that American businesses, farms, and families have access to the tools for their financial success.
I also strongly support efforts to empower American families to take ownership of their own financial situations through credit counseling and financial education. You can be confident that I will continue to consider efforts to reform our financial regulatory system very carefully and with the best interests of Idahoans in mind.