Standing up to Wall Street
Jon’s efforts to crack down on the reckless behavior of Wall Street banks and the abuses of big corporations haven’t earned him many friends on Wall Street. But they have provided better protection for Montana’s families and businesses, and have brought some common sense to the Senate.
Pointing to a need for oversight of the Wall Street banks that helped cause the financial crisis, Jon bucked his party in 2008 and became the only Senate Democrat to vote against both bailouts of Wall Street and the U.S. auto industry.
He also voted twice to end the Wall Street bailout early and use all unused funds to lower the national debt.
From his seat on the Banking Committee, Jon helped write new rules to “put the credit card industry back on the side of hardworking Montanans,” which were signed into law in 2009. The law’s new protections for consumers include:
- a ban on unfair interest rate hikes
- an extra week for cardholders to pay their bills
- a requirement of more notice for rate or finance charge changes, and for clearer statements
- a ban on card companies exploiting young Americans, like college students
Jon was instrumental in the debate over how to “put the referees back on the field” on Wall Street. On the Banking Committee, Jon served as a voice for Montana and rural America as he helped write the Wall Street reform bill. Most importantly, Jon made sure the new law ends the era of “too big to fail” and the taxpayer-funded bailouts that came with it.
Jon specifically included provisions to make sure small community banks were only paying their fair share for federal bank insurance, and requirements that the new federal consumer watchdog consider impacts on rural America before issuing new rules.
