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Take Action to Strengthen “The Restoring American Financial Stability Act”

Submitted by on March 22, 2010 – 3:19 pm

Senator Dodd has released his financial reform proposal. AFR thanks Senator Dodd for taking this important step towards fixing our broken financial system.   It has been a year and a half since our economy crashed and the Senate must not wait any longer to act.

(The House of Representatives passed a financial reform bill in 2009, so now it’s up to the Senate to act.  Read more about the House bill here and the legislative process here.)

Senator Dodd’s bill takes some important steps to protect consumers, curb Wall Street’s greedy and risky behavior, and end the era of “too big to fail.”

But it doesn’t go far enough.  The bill must strengthened as it moves through the Senate.

Once again, the bankers and their lobbyists are swarming the Capitol trying to weaken and delay the bill. Hundreds of them are working around the clock in Washington to protect the status quo.  But we can beat them if we flood the Senate with our message.  Senators must choose to stand with us over the banks who crashed our economy!

Here’s how the bill should be strengthened:

  • Don’t let the failed bank regulators interfere with consumer protection. The bill allows a “council of regulators” to overturn decisions made by the Consumer Financial Protection Agency.  This council will dominated by the institutions that failed consumers in the past – the last people who should be allowed to overrule consumer protections!
  • Regulate All Financial Companies. The CFPA should have jurisdiction – including enforcement  power –  over all companies in the financial business, no matter what size they are.
  • Shine light on the shadow markets. The bill must clearly and effectively regulate Wall Streets shadow markets, without loopholes that undermine the rules.
  • End the Rigged Casino Economy.  Big Wall Street banks must not be allowed to be too big to fail, nor should they be allowed to take reckless risks that the public ends up paying for.

The bankers and their army of lobbyists are out in full force to weaken and defeat meaningful reform.  Delays favor their agenda – so the Senate must act right away.  Now is the time to get the job done!

Take Action! Click here to tell the Senate to strengthen the bill and enact real reform, before the next crisis wipes out even more homes, jobs, and hard-earned wealth.

Read our statement about the Restoring American Financial Stability Act.

Read all our posts about the Act.

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