Monday, March 22, 2010

Let Sen. Cardin and Sen. Mikulski know you support strong financial reform!

Special Interests Swarm Senate Banking Committee as Debate Starts on Financial Reform Legislation Consumer’s Guide Shows Whether Americans Win or Lose on Key Provisions

Washington, DC – The Consumer Federation of America (CFA) today commended the Senate Banking Committee for moving quickly to enact comprehensive legislation to overhaul the regulation of financial services.

Unfortunately, only 18 months after bringing the economy to the brink of collapse, large bank and Wall Street lobbyists are working hard to gut this legislation. As the Senate Banking Committee begins consideration of the "Restoring American Financial Stability Act," CFA released a handy "consumer’s guide" to help concerned citizens determine whether the American people or the big banks will be the real beneficiaries of this legislation.

"Recklessness among big banks and Wall Street firms and regulatory failures by federal agencies triggered a prolonged recession that continues to cause great hardship for many Americans," said CFA Legislative Director Travis Plunkett. "The American people are looking to the Senate to strengthen consumer and investor protections and restore the safety and soundness of the
financial system by closing gaps in the regulatory system."

Currently, it is unclear how many of the 500 amendments to the bill that have been proposed will actually be considered. Some could be adopted as part of the underlying bill, others could be offered and withdrawn without a vote, and some may never be offered for debate. CFA has identified amendments in two key areas where Senators will face a stark choice between consumer and business interests. To read more, click here.

Contact Sen. Mikulski here and contact Sen. Cardin here.

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