Banking Crisis

[irishbobcat]

If elected to Congress: Banking Crisis

August 21, 2008

I have been asked my position on the banking crisis if elected to Congress:

I am opposed to bank deregulation. I advocate democratic reforms, which would allow and include creating publicly-funded "community investment banks" and mandating low-interest loans for low-income persons and first time small business entrepreneurs.

1. The government should ensure that low- and moderate-income persons and communities, as well as small businesses, have access to banking services, affordable loans, and small-business supporting capital. Loans should be made available to small business at rates competitive to those offered big business. I support disclosure laws, anti-redlining laws, and a general openness on the part of the private sector regarding criteria used in making lending decisions. I oppose arbitrary or discriminatory practices that deny small business access to credit.
 
2. I oppose disinvestment practices, in which lending and financial institutions move money deposited in local communities out of those same communities, damaging the best interests of their customers and community. I support the extension of the Community Reinvestment Act and its key performance data provisions to provide public and timely information on the extent of housing loans, small business loans to minority-owned enterprises, investments in community development projects, and affordable housing.
 
3. I believe Congress should act to charter community development banks, which would be capitalized with public funds and work to meet the credit needs of local communities.
 
4. Insurance industry regulation is essential to reduce the cost of insurance by reducing special-interest protections; collusion and over-pricing, and; excessive industry-wide practices that too often injure the interests of the insured when they are most vulnerable. We must prohibit bad-faith insurance practices, such as avoidance of obligations and price fixing.
  5. I support federal laws that act to make policies transportable from job to job and seek to prevent insurance companies' rejecting applicants because of prior conditions. This is a move in the right direction but in no way addresses the scope of the problem, whether in health insurance, life insurance, business, liability, auto, or crop insurance.
6. I support initiatives in secondary insurance markets that work to expand credit for economic development in inner cities; affordable housing and home ownership among the poor; transitional farming to sustainable agriculture, and; for rural development maintaining family farms.
7. I oppose insurance laws that permit a company to own insurance on its employees.
The Democrats and Republicans both support bank deregulation.

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DENNIS SPISAK FOR CONGRESS
Green Party Candidate for Ohio's 6th District
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