The Shocking Redistribution of Wealth in the Past Five Years

[ProSense]

42. "Lest we forget:"

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What follows is a PARTIAL list of Obama’s accomplishments so far. Unlike many such lists, there is a link to a citation supporting every single one.

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Wall Street Reforms and Consumer Protection

Ordered 65 executives who took bailout money to cut their own pay until they paid back all bailout money. http://huff.to/eAi9Qq

He pushed through and got passed Dodd-Frank, one of the largest and most comprehensive Wall Street reforms since the Great Depression. http://bit.ly/hWCPg0 http://bit.ly/geHpcD

Dodd-Frank also included the creation of the Consumer Financial Protection Bureau http://1.usa.gov/j5onG

He made it so that banks could no longer use YOUR money to invest in high-risk financial instruments that work against their own customers’ interests. http://bit.ly/fnTayj

He supported the concept of allowing stockholders to vote on executive compensation. http://bit.ly/fnTayj

He wholly endorsed and supported the Foreign Account Tax Compliance Act of 2009 that would close offshore tax avoidance loopholes. http://bit.ly/esOdfB http://bit.ly/eG4DPM

He made a deal with Swiss banks that permits the US government to gain access to the records of criminals and tax evaders. http://bit.ly/htfDgw

He established a Consumer Protection Financial Bureau designed to protect consumers from financial sector excesses. http://bit.ly/fnTayj

He oversaw and then signed the most sweeping food safety legislation since the Great Depression. http://thedc.com/gxkCtP
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http://www.addictinginfo.org/2013/02/15/a-long-list-of-president-obamas-accomplishments-with-citations/

Ally Bank To Pay $98 Million For Charging Higher Interest To Non-White Borrowers
http://www.democraticunderground.com/10024208931

U.S. orders mortgage servicer Ocwen to help borrowers with $2 billion

By Emily Stephenson

(Reuters) - U.S. officials on Thursday ordered the largest nonbank mortgage servicer to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct that led to thousands of people losing their homes.

Ocwen Financial Corp must reduce loan balances for struggling homeowners and refund $125 million to foreclosed borrowers under an agreement with the U.S. Consumer Financial Protection Bureau and officials from 49 states and the District of Columbia.

Ocwen failed to account for borrowers' payments, gave false reasons for denying loan modifications and robo-signed legal documents, the consumer bureau said.

In many cases, after Ocwen began servicing loans, it did not respect trial modifications that had already been agreed to by the lenders, consumer bureau Director Richard Cordray said.

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http://www.reuters.com/article/2013/12/19/us-financial-regulation-ocwen-idUSBRE9BI0ZT20131219

Elizabeth Warren:

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When I worked to set up the Consumer Financial Protection Bureau, I pushed hard for steps that would increase transparency in the marketplace. The crisis began one lousy mortgage at a time, and there is a lot we must do to make sure there are never again so many lousy mortgages .

CFPB made some important steps in the right direction, and I think we’re a lot safer than we were .

There is no question that Dodd-Frank was a strong bill—the strongest in three generations. I didn’t have a chance to vote for it because I wasn’t yet in the Senate, but if I could have, I would have voted for it twice.

Even so, the law is not perfect. And so it’s important to ask: Where are we now, five years after the crisis hit and three years after Dodd-Frank?

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Powerful interests will fight to hang on to every benefit and subsidy they now enjoy. Even after exploiting consumers, larding their books with excessive risk, and making bad bets that brought down the economy and forced taxpayer bailouts, the big Wall Street banks are not chastened .

They have fought to delay and hamstring the implementation of financial reform, and they will continue to fight every inch of the way .

That’s the battlefield. That’s what we’re up against. But David beat Goliath with the establishment of CFPB and, just a few months ago, with the confirmation of Rich Cordray .

David beat Goliath with the passage of Dodd-Frank. We did that together – Americans for Financial Reform, the Roosevelt Institute, and so many of you in this room. I am confident David can beat Goliath on Too Big to Fail. We just have to pick up the slingshot again .

Thank you .

http://www.warren.senate.gov/files/documents/AFR%20Roosevelt%20Institute%20Speech%202013-11-12.pdf

Elizabeth Warren: Cordray Vote ‘A Historic Day For Working Families’

Sen. Elizabeth Warren (D-MA) took to Twitter on Tuesday in praise of the Senate's vote to advance Richard Cordray's nomination to the Consumer Financial Protection Bureau, calling it a "historic day for working families."

Elizabeth Warren ✔ @elizabethforma

I couldn't be more pleased that Rich Cordray will finally get the vote that he deserves. This is a historic day for working families!
1:11 PM - 16 Jul 2013

47 Retweets 26 favorites

http://livewire.talkingpointsmemo.com/entry/elizabeth-warren-cordray-vote-historic-day-for-working

The Consumer Financial Protection Bureau gets busy
http://www.democraticunderground.com/10023372682

SEC Will Require Companies To Report CEO-To-Worker Pay Ratios
http://www.democraticunderground.com/10023694931

Regulators Finalize Stricter Volcker Rule - Reuters/HuffPo
http://www.democraticunderground.com/10024158305

NLRB to Prosecute Wal-Mart For Violating Workers’ Rights (updated)
http://www.democraticunderground.com/10024053560