Elizabeth Warren and Attorney General Lisa Madigan Speak Out Against Preemption Deal

With rumors that the Senate might cut a deal over the weekend on preemption, two of the most vocal supporters of strong financial reform, Elizabeth Warren and Illinois Attorney General Lisa Madigan, issued statements today warning against any deal to weaken the bill.

Elizabeth Warren:
“Wal-mart operates in all 50 states, but it doesn’t come to Washington insisting that Congress protect it from state laws that demand workplace safety or environmental standards.  As far as the law is concerned, they compete straight up with the local businesses–no special favors.  What the big banks are really saying is that they are already spending $1.4 million a day just to block federal reform, and they don’t want to spend more money blocking state laws too.  Washington lobbyists don’t want to have to have to venture out into real America; they are comfortable inside the Beltway.”

Illinois Attorney General Lisa Madigan:
“The states were the first and often the only responders to the oncoming foreclosure crisis. Beginning more than a decade ago, we brought enforcement actions against subprime mortgage giants such as Household, Ameriquest, and Countrywide for illegal conduct, while the federal regulators did nothing to rein in the lenders under their control. States also moved swiftly to enact tougher laws where federal inaction had left a void. It is imperative that the states be able to protect our citizens from abuses in the marketplace. In a time of global economic crisis, we clearly need more enforcers of consumer protection laws, not fewer.”

Attorney General Madigan is available for interviews. If you would like to speak to her, please contact Robyn Ziegler at (312) 814-3118 (office) (312) 636-0282 (cell) or rziegler@atg.state.il.us