Honorable Steve Kagen, M.D.

Wisconsin's former 8th District Representative

January 4, 2007 to December 22, 2010

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Kagen Votes for an Economy That Works for Everyone

Posted on May 7, 2009 by

Press Release

Media Contact:
Jake Rubin 202.225.5665

KAGEN  VOTES  FOR  AN  ECONOMY
THAT  WORKS  FOR  EVERYONE

May 7, 2009

Washington, DC — Congressman Steve Kagen, M.D. is working hard to restore accountability and common sense to our financial system.  Kagen voted for the Fraud Enforcement and Recovery Act and the Mortgage Reform and Anti-Predatory Lending Act – two key measures that would end fraud and abuse and create an economy that rewards hard work and responsibility.

“I am working hard for the families in Northeast Wisconsin who are just trying to keep their heads above water,” said Kagen.  “Our economy was driven into the ditch by laws that favored Wall Street over Main Street.  Now, we are putting our nation on the road to recovery by ending this practice and restoring common sense to our financial system.”

The Fraud Enforcement and Recovery Act would give the Justice Department more tools to fight fraud in the use of funds from the Troubled Asset Relief Program (TARP) and Recovery Act, and to increase accountability for corporate and mortgage frauds that have contributed to the economic collapse. 

Congressman Kagen voted against the Troubled Asset Relief Program last fall saying the legislation did not include the necessary oversight.  Since then, Kagen has repeatedly voted for efforts to enforce accountability and transparency for the use of these funds including the TARP Reform and Accountability Act in January and Fraud Enforcement and Recovery Act today.

“We must put an end to the system that looked the other way while high-flying finance schemes, overheated housing markets and maxed-out credit cards crippled our nation. People who work hard and play by the rules should be able to keep a roof over their heads, put food on the table, maybe send their children to college and have enough left over to retire.  We need an economy that works for everyone,” said Kagen.

The Mortgage Reform and Anti-Predatory Lending Act would stop the kinds of predatory and irresponsible mortgage loan practices that played a major role in the current financial and economic meltdown.  It would prevent borrowers from deliberately misstating their income to qualify for a loan.  To restore the integrity of mortgage lending industry, this bipartisan bill will make sure that the mortgage industry follows basic principles of sound lending, responsibility, and consumer protection by ensuring that borrowers can repay the loans they are sold, mortgage lenders make loans that benefit the consumer, prohibit lenders from steering borrowers into higher cost loans.  A similar measure passed the House in 2007.

 

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