One of East Hawaii’s premier attorneys and middle class advocate, Bob Marx, has announced his candidacy for Hawaii’s 2nd Congressional district.
Attorney Bob Marx
“Preserving the Middle Class” is the bedrock for his platform, along with protecting senior citizens, ending dependence on foreign oil and getting the U.S. out of the war in Afghanistan.
For more than a quarter century, Bob Marx has protected the interests of the Middle Class and the interests of the people of Hawaii. He has practiced law in Hilo since 1980 and has been a staunch supporter of the Democratic Party.
He has a long history of working for Hawaii, and has been involved in building foundations to support local community organizations, awarding scholarships to college students, and protecting Hawaii’s unique environment.
“I have spent my life fighting for the middle class and for the people of the Big Island,” Marx said. “I not only live in the Second Congressional District, but understand how rural Oahu and the Neighbor Islands feel disenfranchised.”
“I have the experience, history, and the determination to put Hawaii first as your Congressman. This next Congressional session is going to be about jobs and the economy,” Marx said.
“I am a successful businessman and community supporter. Now is the time to help my community in Washington, D.C. I humbly ask for your support to serve you and in putting Hawaii first.”
Marx believes the time for abstract debates over national issues is over. “We need to stop bringing the problems of Washington to Hawaii. Hawaii needs to be protected against the negligence of politics. I stand ready to project the will and voice of the people of Hawaii,” he added.
“Most importantly, I will make sure that Hawaii is always first.”
Filed under: Announcements, Hawaii, Hilo, Legislature, Politics | Tagged: 2nd Congressional District, Attorney Bob Marx, Robert Marx | Leave a Comment »
Congressional Candidate Bob Marx Calls for Breakup of Mega Banks
Bob Marx says banks must be broken up to increase competition and prevent future taxpayer funded bailouts from occurring.
Congressional Candidate Bob Marx
Bob Marx, Democratic Candidate and Small Business Owner in Hilo, Hawaii, today called on Congress to pass legislation to decentralize control of the country’s financial institutions. The announcement that JP Morgan Chase had a $2 billion trading loss has renewed concerns about how banks manage risk.
Speaking to a crowd gathered at K’s Drive-In this morning, Marx lamented on the sad state of affairs in the nation’s banking sector. “The best way out of this mess is to not have banks that are ‘too big to fail.’ We should be supporting and encouraging the breakup of mega-banks and allow smaller, local banks to flourish,” Marx opined.
Marx referenced the breakup of monopolies as evidence of the need to increase competition in the American banking Sector. “Financial institutions are incapable of self-regulation. Asking banks to regulate themselves is like asking a fox to guard the chicken coop. It makes no sense,” Marx said.
Rep. Barney Frank and Sen. Chris Dodd co-authored legislation aimed at reforming the ways in which banks are regulated and monitored. Part of the Dodd-Frank reforms, known as the Volcker Rule, is supposed to restrict high-risk banking activities. However, JP Morgan CEO Jamie Dimon said that the trades were made to hedge risk, and would therefore be permissible.
“The problem is that the rules only target proprietary trading; that is, trades made for pure profit. It doesn’t include trades that are made to hedge risk.” Marx paraphrased Dallas Federal Reserve President Richard Fisher, a strong supporter of breaking up the largest banks: “How big is too big? Let me tell you: Too big is when you have no idea what’s going on underneath you. If you’re that big, you’re too big.”
The real problem for Marx is that the laws in place remain too speculative and subjective. “It shouldn’t be about stopping banks from hedging their high-risk gambles; it should be about not allowing banks to take on high-risk loans, mortgage-backed securities, and other investments in the first place,” Marx said. “As a first step, I strongly suggest the re-implementation of the depression-era Glass-Steagall Banking Act of 1933.”
The Glass-Steagall Act prohibited commercial banks from engaging in the investment business. It was part of President Roosevelt’s New Deal and enacted as an emergency measure after the failure of about 5000 banks during the great depression. The act strictly prohibited commercial banks from underwriting securities. It was repealed by Congress in the late 1990s.
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Filed under: aloha, Announcements, Economy, Guest Commentator, Hawaii, National Affairs, Politics, State Affairs | Tagged: Attorney Bob Marx, Barney Frank, Chris Dodd, Dodd–Frank Wall Street Reform and Consumer Protection Act, Glass–Steagall Act, JPMorgan Chase | Leave a Comment »