Writing laws based on an abstract theory, rather than reality, is a dangerous undertaking.
I had to make a choice - recede into the academic world, or wade into politics.
I was 30 before I realized, you know, that I probably was an accident. These things just suddenly hit you one day.
We need to hold Wall Street accountable for issuing the kinds of deceptive loans that nearly brought our economy to its knees in 2008.
If large financial institutions can break the law and accumulate million in profits - and, if they get caught, settle by paying out of those profits - they do not have much incentive to follow the law.
I was a Republican because I thought that those were the people who best supported markets. I think that is not true anymore. I was a Republican at a time when I felt like there was a problem that the markets were under a lot more strain. It worried me whether or not the government played too activist a role.
In 1978, we adopted a new Bankruptcy Code in the United States, and a principal part of this was designed to adjust to the new corporation, to find ways to let a corporation that had gotten into financial trouble reorganize itself. A big part of the selling point on this bankruptcy law was, 'It will preserve jobs.'
We all understand that we are living longer, and we are more likely to spend more years as frail, elderly people who can't work. We also recognize that the wonderful advances in medicine also come with wonderful price tags. Those are things you can't budget around.
In the 1960s, a minimum wage job would keep a family of three afloat.
Most women file for bankruptcy in the aftermath of a serious medical problem, a job loss, or a family break up. It is hard to protect against those.
The broken consumer credit market had to be repaired by making sure that consumers had the right information and could use it effectively. That meant consolidating the bloated patchwork of ineffective agencies and regulations so that a single agency could act as a voice for consumers.
Democrats fought to get health insurance for more Americans. Democrats fought for a strong consumer agency so big banks can't cheat people. We fought, we won, and we improved the lives of millions of people - thank you, President Obama!
Others have said it before me. If you don't have a seat at the table, you're probably on the menu. And so it is important that we have women in the United States Senate - strong women, women who are there to help advance an agenda that is important to women.
You have two pages, that's the whole credit card agreement. The terms are clear and flat and easy to see so anyone can read them. So you could lay four credit cards in front of you and say, 'Oh, that's the one that has the highest rate, that's the one that has the really scary provision that could hurt me.'
Credit card agreements run as long as 30 pages, and it's 30 pages of largely incomprehensible text.
Consumers get used to reading and understanding their credit card contracts, their mortgages, their check overdraft agreements, those are good things. That puts power back in the hands of consumers.
We need to align the incentives so that colleges have an incentive to keep down their costs... to graduate students on time with degrees in areas where they're going to be able to get jobs and going to be able to pay back those loans.
You can't predict it all. People will tell you to plan things out as best you can. They will tell you to focus. They will tell you to follow your dreams. They will all be right.
What I've learned is that real change is very, very hard. But I've also learned that change is possible - if you fight for it.
The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families.