Last night President Barack Obama voiced the concerns of the middle class and pushed for measures that would restore fairness and end “bailouts, sellouts, and copouts” for companies that don’t play by the rules, and argued for millionaires to be taxed at the same rate as their secretaries. He gave his support to the DREAM Act and similar legislation that would allow young Americans the opportunity to stay here and start businesses, create jobs, and invest in the future. The President believes, as so many of us in the Asian Pacific American community believe, that higher education can’t be a luxury, and is instead “an economic imperative.” It’s a big part of the reason why many of our parents came here and work two, even three jobs – to provide for our children’s future. These are all middle-class values and aspirations that Asian Pacific Americans share and cherish. I look forward to President Obama and Congress taking leadership on these issues and passing and enacting legislation that reflects priorities that middle class families want and need.
The President has already increased regulation for banks so that they have to behave more responsibly with our money, appointed a new Director for the Consumer Finance Protection Bureau, and is moving to create a new Financial Crimes unit to investigate widespread fraud by financial firms. I applaud his move to investigate misconduct in the mortgage markets and to work with Attorneys General in the states. These measures will hold companies in the financial and mortgage sectors accountable for losing families’ homes and savings and help deter further malpractice. Asian Pacific Americans have been hard hit by the economic downtown, and those who become jobless remain unemployed for longer than other ethnic groups. Despite the challenges that we have faced, and those that lie ahead, I am confident that by adopting a number of the policies that the President described, that we can move forward together as a stronger, more equitable America.
The President has already increased regulation for banks so that they have to behave more responsibly with our money, appointed a new Director for the Consumer Finance Protection Bureau, and is moving to create a new Financial Crimes unit to investigate widespread fraud by financial firms. I applaud his move to investigate misconduct in the mortgage markets and to work with Attorneys General in the states. These measures will hold companies in the financial and mortgage sectors accountable for losing families’ homes and savings and help deter further malpractice. Asian Pacific Americans have been hard hit by the economic downtown, and those who become jobless remain unemployed for longer than other ethnic groups. Despite the challenges that we have faced, and those that lie ahead, I am confident that by adopting a number of the policies that the President described, that we can move forward together as a stronger, more equitable America.
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