We’re close to winning the new rules of the road for the big banks and Wall Street that will stop them from driving our economy off another cliff. But first we have to beat back the attempts to kill the hard-fought commonsense reforms we’ve brought this far.
We’re going to war with the big banks and their lobbyists next week. The financial reform package passed by Rep. Barney Frank’s (D-Mass.) committee during the past several months of consideration, debate and votes will finally be voted on by the entire House of Representatives. This bill contains much of what we’ve advocated to rein in greed and risk-taking on Wall Street and put the safety and security of Main Street first.
But you can be sure that the big banks and Wall Street are pulling every trick in the book to try to prevent the passage of these significant reforms.
One of the most important reforms created by this bill, the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173), is the creation a consumer watchdog with teeth. The Consumer Financial Protection Agency will make sure the banks don’t peddle unsafe financial products to the public, gouging consumers and putting our entire economy at risk.
More than anything, the big banks want to kill this new agency. Ask your representative: Which side are you on? Next week, will you stand with Main Street or Wall Street?
We are at a critical juncture. To win real reform, we need you and everyone you know who is fed up with the mess the big banks made to stand up with us today and next week when the House votes.
After you contact your representative today, please spread the word. This is the fight of our lives for more fairness and accountability in the financial industry. This is the change we need to once again grow a prosperous, strong and secure economy.
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I hope Wall Street and the banks win. I’m so tired of the federal government trying to get their hands into everything. If they would just close the Federal Reserve and let a TRUE free market reign, regulation would take care of itself in the form of citizens choosing the best places to spend their money.
Barney Frank is incompetent, and always has been incompetent. Now he wants a political appointee to regulate an industry that is a significant cog in the financial competitiveness of the U.S. and through international influence and power is a major reason the dollar has not collapsed during this crisis. Yes, new rules and regulations need to be implemented to prevent predatory, high risk financial instruments. More so, all the rules and regulations need to be enforced, but a new czar is not the answer. We have enough regulators, just failure by them to do their job and failure by the Congress to hold them accountable before a crisis occurs. Yes, we need national usury laws; yes, we need better protection of stockholders from abusive compensation agreements between officers and boards of directors (not just for the financial industry); yes, derivatives and other financial instruments need to be more transparent regarding risk; yes, realtors and mortgage brokers commissions need to be escrowed and disbursed over several years as accountable parties to the mortgage contract; yes, Sen. Gramm is guilty of helping cause the crisis by repealing the Glass–Steagall Act and promoting other deregulation legistaion. But this current Congressional proposal MUST be defeated and a proper approach taken to prevent dangerous and abusive actions by the finacial industry and other industries. Let’s not set up the next crisis now of destroying the international financial influence of the dollar. Remember, we import most of our manufactured products and a devalued dollar is inflationary on every citizen.