DiNapoli Statement in
Support of President Obama’s Consumer Protections
President Obama’s call for greater consumer financial services and information protection are important steps toward helping families build long-term financial security.
So much of what has happened to our economy is the result of decisions made in the shadows. We were sold a bill of goods by financial service firms looking to game the system and make a quick buck with total disregard for the risk to individual investors and the entire American economy. Many individuals took out loans they couldn’t afford, and that hurt. But what hurt even more were the millions who were misled by lenders and got locked into loans they didn’t understand and could not pay for.
This cannot happen again, and there are two important steps to make sure it doesn’t.
The first is a more rational regulatory structure for the financial services industry. There are far too many egregious examples of malfeasance, lying and outright fraud to sit back and let things revert to the good old days before the fall of Lehman Brothers. The President is right: Wall Street cannot repeat the mistakes of the (very recent) past.
The second important step is making sure every American has clear, easy-to-understand information about money so they can make the right choices for their families. They need to understand their finances, how banks work, how much credit cards really cost, and the best, most secure ways to invest and save.
Earlier this week, I introduced Your Money New York, a new Web site designed to give New Yorkers the tools they need to help them manage and protect their money and hard-earned savings. The Your Money New York Web site mirrors the President’s call for more consumer protection and information.
Every American family needs access to useful and reliable financial information, especially in these difficult economic times. We created the Your Money New York initiative to help provide our citizens with the programs and resources that can help them meet their financial challenges.
President Obama’s proposals will strengthen the economy and provide a road map to financial security for American families. He wants to make sure our nation never has to travel the rocky economic road again. It’s a good message and a good plan.