Tuesday, May 4, 2010

Let your senators know you support consumer reforms

From the Consumer Federation of America:

The Senate starts debating S. 3217, the Restoring American Financial Stability Act, TODAY.

Please contact your Senators NOW and ask that a strong pro-consumer and pro-investor bill be passed immediately!

Consumer Financial Protection Bureau:
· Oppose the Brownback Amendment to exempt auto dealers from CFPB jurisdiction, thereby ensuring that the CFPB oversees auto dealers.
· Oppose amendments to further preempt states from enacting and enforcing their own laws so that the CFPB rules generally provide a floor of consumer protection, allowing states to enact and enforce tougher laws to protect their citizens.
· Oppose amendments to stop state Attorneys General from enforcing rules issued by the consumer regulator.
· Support amendments that do not give bank regulators, whose primary concern is the profits of the banks, veto authority over CFPB rules.
· Support amendment to give the CFPB enforcement authority over all nonbanks, including payday lenders.
· Support amendment to provide CFPB with authority to ban mandatory arbitration.

Investor Protections:
· Support the Akaka-Menendez fiduciary duty amendment requiring brokers and insurance agents to act in the best interests of their customers when giving investment advice.
· Oppose an amendment that would remove the requirements in the “Sarbanes-Oxley” law that publicly traded companies of all sizes take steps to prevent accounting fraud.

Credit Rating Agencies:
· Oppose amendments to weaken provisions of the bill that make rating agencies legally liable when they violate the law or fail to conduct an adequate investigation to support an accurate rating.

Call: Call your Senators NOW toll-free at: 866-544-7573 and tell them you want someone looking out for consumers!

Sign Petition: Tell your Senators to hold the big banks accountable by signing the petition here.

Email: Go to this list of Senators here, then click through to your Senators’ web pages and tell them you want real financial reform.

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