Politics - what I see and what I do not understand

Monday, May 17, 2010

Mark's Newsletter Update: Reforming Wall Street and Putting Consumers Back in Control of their Finances
Dear Fellow Coloradan,

After two years of difficult economic times, we're finally seeing signs that the recession is ending. We gained 290,000 jobs nationally in April – the fourth consecutive month of positive job growth. It’s great news, but we aren’t out of the woods yet. Many Coloradans are still struggling to find work or to avoid home foreclosure – and many seniors have seen their retirement accounts wiped out by the stock market collapse. While I'm working to create jobs and strengthen small businesses, I also want to do everything possible to ensure we never find ourselves in this position again.

One of the major causes of this recession was a culture of excess in Wall Street that put short-term self-interest above the financial security of our nation. I can't accept a system that forces the American people to assume the risk for Wall Street’s questionable trading practices. And that’s why I'm working in the U.S. Senate on legislation that would hold Wall Street accountable and protect our economy from the reckless behavior.

With legislation that is now being debated on the U.S. Senate floor, we will put a strong new "cop" on the beat with broad authority to monitor Wall Street firms for abusive practices and intervene to protect consumers. Americans should never again have to bail out banks and other financial institutions that are "too big to fail." And as your Senator, I won’t rest until Colorado families are back in control of their financial future.

Warm Regards,

Free Access to Credit Scores

In addition to fighting for Wall Street accountability, I want to make sure Coloradans have all the tools possible to take control of their own finances – and one of the most important tools is your credit score.

We’ve all seen the ads telling us how important it is to monitor our credit reports and to know our credit scores – the number lending agencies use to grade your financial health. As Ben Stein says in one television ad: "Whether you’re in a financial hole or just want to get a loan, a better interest rate, or a new job, you’re at the mercy of your credit score."

Unfortunately, the current system is set up against consumers. Your credit score is critical – but you can’t access it without paying for it. This isn’t just unfair – it discourages consumers from taking control of their finances. With so much riding on your credit score, we shouldn’t put up barriers preventing you from accessing it.

This is the goal of an amendment I'm working to add to the Wall Street accountability bill we’re debating in the U.S. Senate this week. While free access to a consumer's credit score is only a small part of the larger reforms that are needed, it would give Coloradans a key piece of information that will help them get back in control of their financial health.