Overview
More than a year after Wall Street's reckless dealings triggered the
worst economic crisis since the Depression, we're still waiting for
Congress to enact the changes that could keep it from happening all
over again.
We need a financial system that works for consumers
here in Rhode Island and across the country, and for small investors and
taxpayers, while holding Wall Street bankers accountable for their bad
behavior.
That's why RIPIRG is pushing our Congressional
delegation to support reform, so that no Wall Street firm gets
too-big-to-fail, and so Rhode Islanders are protected from unfair predatory
mortgages and "gotcha" overdraft fees.
Even though the banks
took billions of dollars of taxpayer’s money, the big banks and Wall
Street are lobbying hard to block reform.
But we have a real opportunity to reform the financial system that failed.
Leading
the charge is Ed Mierzwinski, our federal consumer program director
working in Washington, D.C., who is a 20-year Capitol Hill veteran.
Whether he's making our case at Congress or on cable news, Mierzwinski
is one of the strongest public interest voices on financial reform in
Washington. Mierzwinski also helped found of Americans for Financial Reform, a coalition of which RIPIRG is a member.
Working with our allies, and with support of RIPIRG members, we are making progress.
In
December, the House of Representatives narrowly approved the Wall
Street Reform and Consumer Protection Act, despite the outcry from
lobbyists representing the financial industry.
But the fight's not over. We need your help to pass a strong version of the bill in the Senate.
We're gathering support for a bill that would:
•
Put consumers and taxpayers before big banks. Check irresponsible
financial practices with new rules and stronger, independent
enforcement. We’re supporting a new Consumer Financial Protection
Agency.
• Cover all players and transactions. Rein in hedge
funds and reckless investments that escaped regulations and traded
without oversight on “shadow markets.”
• Prevent financial
institutions from becoming “too big to fail.” Banks shouldn’t be able
to freely gamble with taxpayer money covering the bets.
• And we support greater oversight, accountability and democratization of the Federal Reserve.
