Wild speculation in the markets that took advantage of systematic, yet confusing and misleading lending practices causes concern for consumer protection and safety. Coakley, in a joint op-ed “The Right Way to Regulate,” featured in the New Republic, with Harvard law school professor and recently named chair of the Congressional Oversight Panel, Elizabeth Warren, advocate a federal protection agency that protects consumers:
One of the most important lessons from the financial crisis is that we need a regulator who will create safety baselines in the consumer credit market and bring clarity to a market loaded with tricks and traps. Clearer financial products will come from clearer rules in Washington.
Coakley’s demonstrated a deep understanding of the intricacies of the crisis through her multilateral response. Addressing the necessary safeguards to deter future decline, Coakley rises to the challenges of the current economy with a progressive outlook.
Supporting businesses big and small, industries new and old, Coakley today brought business leaders together to move forward with a plan of action for sustainable jobs for the future. She won the endorsement of several business community leaders, including Jack Connors, Jr., chairman emeritus and former CEO of Hill Holliday, Donna Cupelo, regional president for Verizon New England, Mass Retailer president Jon Hurst, Trish Karter, CEO of Dancing Deer Baking Co., former Federal Reserve Bank of Boston CEO Cathy Minehan, and Micho Spring president of Weber Shandwick – New England. (Full list can be found here.)
Coakley’s plan, “Getting America Back to Work: A Jobs Creation Plan,” outlines five specific proposals to create jobs and grow the economy. Main points from her paper:
- Supporting Traditional Industries and Public-Private Partnerships – Coakley calls for focusing on traditional local industries, such as local agriculture, health care, and biotech, ensuring that they have the support they need to thrive. Her plan promotes public-private partnerships among these industries to boost the economy, in part by leveraging existing federal resources and programs to maximize the availability of growth funds for local businesses.
- Boosting Green Industries – Noting that the renewable energy and energy efficiency industries created more than nine million jobs in 2007, Coakley’s plan calls for significant investment in the research, development and implementation of green technology in order to provide high paying, quality jobs. Coakley also calls for continued funding for the Green Jobs Act and other training resources to ensure that workers can succeed in green industries.
- Fostering Innovation – Stressing that innovation is key to economic recovery, Coakley’s plan calls for support of innovative start-ups in order to create jobs and contribute to long-term economic growth. Coakley supports making the federal Research and Development Tax Credit permanent, and supports the creations of President Obama’s proposed Advanced Manufacturing Fund to identify and invest in the most compelling advanced manufacturing strategies.
- Training and Educating our Workers – Recognizing that as we develop new technologies and energy sources, our workers will require a new set of skills, Coakley’s plan calls for resources for training and education of workers though career and technical education, as well as postsecondary education and training provided through the national system of workforce investment programs. She supports improvements to the Workforce Investment Act in order to meet the needs of the 21st century economy.
- Supporting Small Businesses – Coakley’s plan calls for targeted tax relief and loan opportunities for small businesses, as well as giving entrepreneurs the tools to hire and retain the most qualified workers. She supports the bipartisan HIRE America Act, which will make permanent tax incentives for small businesses to hire new workers, and pledges to support minority and women-owned businesses.
Have been a fan of Elizabeth Warren’s, as have many progressives, all year. She has spoken truth to power and that makes her a perfect fit for Martha Coakley.