Taking on Wall Street Abuses
Wall Street malfeasance has had devastating consequences in New York. It precipitated the foreclosure crisis, in which tens of thousands of families lost their homes, others faced an unrecovered loss in property values, and many jobs were lost. Ten years later, the Administration under President Donald Trump and the Republican Congress are weakening oversight by watering down the Dodd-Frank Act and undermining the Consumer Finance Protection Bureau (CFPB).
At the same time as important federal reforms are being gutted, new and emerging risks threaten investors’ financial security. The combined effect of loosening controls on risky investments, growing debt, and an active market in collateralized debt, is a real threat to the American economy and the American people.
New York City is the center of the financial services industry and New York’s state laws provide one of the toughest mechanisms for oversight of that sector.
As Attorney General, I will have both the power and the responsibility to prosecute financial fraud that harms consumers and investors. I will:
Utilize the broad powers of the Martin Act to pursue investigations that protect shareholders and investors, including workers’ pension funds and savings.
Vigorously investigate fraudulent business practices by strengthening the Criminal Enforcement and Financial Crimes Bureau.
Investigate and pursue actions into discriminatory and abusive payday lending, mortgage lending abuse, for-profit college student loans; and,
Scrutinize practices and industries that have benefited from deregulation under the Trump Administration, and those that are currently posing a significant threat to our economy.