Financial Regulation

  1. Commit to strong financial regulation. Senator Klobuchar will rescind Executive Order 13772, which has allowed the Treasury Department and other financial regulators to weaken critical safeguards put in place after the financial crisis. She will commit to strong financial regulation that levels the playing field and promotes economic stability and growth.
  1. Restore oversight to eliminate discriminatory lending practices. Senator Klobuchar will direct financial regulators to restore Community Reinvestment Act protections, develop policies to encourage financial institutions to make loans and investment in local communities, especially communities in need, and conduct greater outreach to assess the true credit needs of certain areas.
  1. Expand loans for and investments in local communities in need. For the past 40 years, the Community Reinvestment Act has encouraged financial institutions to make loans and investment in local communities, especially low-income and minority communities. Senator Klobuchar will protect the CRA and instruct financial regulators to conduct greater outreach to assess the true credit needs of their communities.
  1. Prosecute unscrupulous payday lenders. Senator Klobuchar will direct the Consumer Financial Protection Bureau, the Justice Department and other agencies to prosecute unscrupulous payday lenders that engage in predatory practices and charge customers exorbitant interest rates.
  1. Renew efforts to prevent another financial crisis. The Office of Financial Research, an independent bureau within the Treasury Department, was created by the Dodd-Frank Act to collect information on financial system risks, perform long-term research, and develop risk measurement and monitoring tools to help prevent future financial crises. Senator Klobuchar will restore the mission and stature of the office.
  1. Protect retiree pensions. The Kline-Miller Multiemployer Pension Reform Act of 2014 (MPRA) allows underfunded multiemployer pension plans to request permission from the Treasury Department to reduce retiree benefits in order to improve their financial condition. Senator Klobuchar believes retirees are entitled to the benefits they’ve earned during their working lives and will recommend that Treasury heighten the scrutiny of any applications to reduce retiree benefits under MPRA.
  1. And more! Senator Klobuchar is committed to governing from opportunity and taking administrative actions when it comes to our foreign policy and security, veterans, health care, education, income inequality, worker protections, economic justice, immigration reform, unions, civil rights, climate change, the environment, criminal justice reform and gun violence prevention. She will be updating these goals with your ideas.