Financial Accountability and Consumer Protection Act
Objective: To hold large financial institutions accountable for fraud, corruption, and exploitation of the public, while protecting consumers.
Policy Proposal:
· Create a National Financial Integrity Task Force to investigate and prosecute large banks or financial institutions engaged in fraudulent or corrupt practices. This task force would have the power to audit financial records, subpoena executives, and impose fines for wrongdoing.
· Implement strict Transparency Requirements for financial institutions, requiring them to publicly disclose the details of any fees, penalties, or interest rates they charge customers. Hidden fees and deceptive lending practices would be outlawed.
· Establish a Consumer Protection Fund to provide compensation to individuals who have been defrauded or financially harmed by big banks. This fund would be financed through penalties imposed on banks found guilty of misconduct.
· Require that all banks provide clear and understandable Customer Rights Agreements that detail what consumers are entitled to and how they can challenge unfair practices. These agreements must be written in plain language and be accessible to all.
· Mandate regular audits of large financial institutions to ensure compliance with ethical standards and prevent exploitation of vulnerable populations.
Hold banking institutions and financial institutions accountable for distributing 1099s on a timely basis. Tax payors are penalized for extending taxes or have to amend their taxes due to banking/financial institutions not distributing 1099s on a timely basis according to deadlines promulgated by the IRS.
An unknown but exploited program is the CAFR accounts most, state, local and even municipal areas and how they hide/launder our tax money to prove they are broke and need more taxes from us.
This would take a special investigator to research this and realize the depth of the fraud and the theft of our tax money by Federal, state and local governments.
Thank you for sharing these important insights, Jeffrey. The CAFR accounts are indeed a little-known area that needs much more transparency. By investigating how federal, state, and local governments allocate and report taxpayer funds, we can expose potential mismanagement or hidden funds that don’t directly benefit taxpayers.
This aligns with the proposed policy, which aims to hold financial institutions and government entities accountable. Ensuring that financial institutions are timely with 1099 distribution is only one part of a larger effort to promote transparency across all sectors that handle public funds. We must empower specialized investigative bodies to examine comprehensive financial records like the CAFR to uphold integrity and public trust.
This approach could reveal hidden resources and reduce the burden on taxpayers by stopping practices that manipulate public finances. Thank you for bringing attention to this, and I fully support further investigation and accountability in these financial areas.