For immediate release CONTACT: Lauren Weiner, 202-470-5870
DATE: July 14, 2009 Jeremy Funk, 202-470-5878
Americans Call for Watchdog to Guard Against Financial Predators
Groups Call for Real Protection for Borrowers, Tell Big Banks to Call Off the Lobbyists
*Note: Change in NYC Location, Phoenix Time – and Kansas City, KS added
Washington, DC – On July 14, advocates, financial experts and others across the country will join forces to call for real protection from financial predators and to tell big banks and the U.S. Chamber of Commerce to call off the multi-million dollar public relations and lobbying campaign against common sense financial reforms. In 15 different cities, at banks and Chambers of Commerce – from Phoenix to Columbus, Albany to Seattle –Americans will send the message that a watchdog is needed to protect our wallets.
This ground swell of activities comes as the House of Representatives and Senate hold hearings this week on the proposed Consumer Financial Protection Agency. Travis Plunkett, the Legislative Director of Consumer Federation of America will be testifying at the Senate Banking Committee hearing today. (Testimony Available Here) Plunkett, Ed Mierzwinski of U.S. PIRG, John Taylor of the National Community Reinvestment Coalition (NCRC) will be testifying before the House Financial Services Committee on Thursday, July 16. Lauren Saunders at the National Consumer Law Center will be testifying at Subcommittee on Domestic Monetary Policy and Technology Hearing on Thursday as well.
“When you buy a microwave oven or a toy for your child, you have the security of knowing that someone has checked to make sure those products are not going to explode in your face. We need the same security when we sign on the bottom line for a loan or a credit card,” said Heather Booth, campaign director of Americans for Financial Reform. “For too long, the rules have been written and enforced for Wall Street, by Wall Street. Now groups funded by AIG and others are spending billions of dollars on a massive public relations and media campaign to keep things exactly the way they are. It’s time for the Big Banks and brokers to call off the dogs and stop blocking real protection for ordinary Americans.”
Additionally, today, the Center for Responsible Lending released a new policy brief that chronicles the repeated failure of federal bank regulators over the years to rein in irresponsible lending practices. Example after example of regulatory delay or inaction demonstrates the need for a stand-alone, independent regulator focused solely on ensuring basic, common-sense safeguards for consumers.
Americans for Financial Reform is a coalition of nearly 200 national, state and local consumer, employee, investor, community and civil rights organizations that have come together to spearhead a campaign for real reform in our banking and financial system.
###
Event Locations and Time (all times local):
New York, NY *new location
Morgan Stanley
1585 Broadway between 47th and 48th
12 pm ET
Kansas City, KS – *just added
Kansas Chamber of Commerce
727 Minnesota Ave.
12 pm ET
Phoenix, AZ – *new time
Chamber of Commerce/Chase Bank
201 N. Central
10 am MT
Pittsburgh, PA
Chamber of Commerce
465 6th Ave.
10 am ET
Trenton, NJ
125 West State Street
11 am ET
Washington, DC
Goldman Sachs
101 Constitution Ave, NW
12:30 pm ET
St. Louis, MO
Wells Fargo
Jefferson & Market St
12 pm CT
Columbus, OH
Chamber of Commerce
150 S. Front Street
1 pm ET
Schenectady, NY
Schenectady Chamber of Commerce
306 State St
1 pm ET
San Francisco, CA
Market Street at Montgomery St
10:30 am PT
San Diego, CA
Wells Fargo Plaza
401 B Street (corner of B & 4th St)
1 pm PT
Dallas, TX
Chamber of Commerce
700 North Pearl Street
4 pm CT
Tacoma, WA
Wells Fargo
2 pm PT
Charlotte, NC – 7/16/09
Wachovia Bank
1 Wachovia Center, Corner of S. College St and E. 2nd St
12 pm ET
Portland, OR – 7/16/09
Chase Bank
11 am PT