It’s become all too clear over the past several years that policy makers and regulators in Washington failed to do their job by allowing irresponsible players on Wall Street to drive our nation’s economy into the ground.
The outsized risks taken by big Wall Street firms have reverberated not only on Main Streets throughout Missouri, but also with every Missouri family trying to save for retirement, buy a home, pay for a child’s education or pay medical bills.
As Missouri’s secretary of state and chief securities regulator, it is my job to oversee the actions of advisors and brokers; educate Missourians about safe investing; and help victims of fraud get their money back.
While federal regulators were asleep at the switch and Congress let Wall Street titans run wild, here in Missouri we’ve been hard at work making sure brokers and financial institutions play by the rules.
While we are lucky to have thousands of reputable financial professionals doing business in our state, unfortunately we still get reports every day from Missourians who have been exploited or misled by those entrusted with their savings.
Since 2005, we’ve launched more than 1,000 investigations throughout the state. An interactive map on our Web site (www.MissouriSafeSavings.com) shows geographically where these actions have occurred and the types of issues involved. In every case our office has focused on two primary goals: First, whenever possible, return money to victims; and second, stop the problems and abuse from happening again. To date, our efforts have paid off, and we have helped tens of thousands of investors recoup more than $10 billion of their lost savings.
So as lawmakers in Washington debate the issue of financial regulatory reform, they can look to Missouri’s securities division for some valuable lessons. As the local “cops on the beat,” we are the first to respond when investors need help. We understand the financial strain these problems inflict on families and small businesses. And we understand that it’s our job to hold bad actors accountable, no matter how big or small, in order to protect Missourians.
It’s past time that policymakers in Washington get back to understanding who they work for every day. And doing their jobs means protecting American families and small businesses, not just those Wall Street banks that are “too big to fail.”
Families and small business owners across the country and throughout Missouri still feel the pain of the economic downturn. Restoring stability, security and transparency to our financial regulatory system is a vital part of creating jobs and growing our economy. Now is the time to demand more accountability in Washington, and on Wall Street, so that the abuses of the past never happen again. Congress should act swiftly and pass much-needed reforms to better protect consumers and help strengthen and restore our economy.
Robin Carnahan is the Missouri secretary of state. She is also a candidate for the U.S. Senate election.
Opinion
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