“Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same.”
• Our most immediate priority is passing the payroll tax cut without delay. We need to prevent a raise on the taxes of 160 million working Americans while the recovery is still fragile.
• Homeowners shouldn’t have to wait for the housing market to hit bottom to get relief, so President Obama is sending Congress a plan to give every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low interest rates–without red tape, and without getting the runaround from big financial institutions.
• The Obama administration is establishing a Financial Crimes Unit to crack down on large-scale fraud and protect people’s investments, and the administration will expand investigations into the abusive lending practices and packaging of risky mortgages that led to the housing crisis.
• Today, American consumers finally have a watchdog to look out for them with Richard Cordray as the head of the Consumer Financial Protection Bureau. Mortgage lenders, payday lenders, and credit card companies are no longer allowed to make risky bets with their consumers’ deposits.