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July 7, 2009                                                              Marcus Mrowka, 202-730-7759

As U.S. Chamber and Big Banks Team Up to Tank Financial Reform…

SEIU Reiterates Call for Financial Reform that Includes Protections for Bank Workers to Speak Out for Consumers, Economy

WASHINGTON, DC— Today, the Service Employees International Union released a statement from Secretary-Treasurer Anna Burger on news in the Washington Post that the U.S. Chamber and banking industry are intensifying their lobbying efforts against financial reform.

This comes a week after current and former Bank of America workers exposed harmful anti-consumer practices pushed by the bank in the Los Angeles Times and Rep. Keith Ellison (D-MN), U.S. PIRG, the National Association of Consumer Advocates and SEIU joined bank workers to outline new protections to ensure front-line bank workers can speak out and create a financial industry that puts consumers and the health of our overall economy ahead of quick profits for bank executives. Read coverage from the Associated Press and Reuters. 

Said Burger, “It’s no surprise that the U.S. Chamber and the big banks that drove our economy into the ground are joining forces to defend a failed financial model that enriches CEOs at the expense of shareholders, workers, and our economy.

“Their only prescription for financial reform includes a massive PR campaign to scare Americans with ‘Harry and Louise’ style ads and rebrand the same reckless policies that will drive families deeper into debt, maximize predatory fees, and force taxpayers to continue to subsidize banks’ bad behavior.

“It’s clear that big bank executives and the U.S. Chamber will stop at nothing to stand in the way of real solutions for our economy. That’s why it’s more important than ever that bank workers be a part of any financial reform package.

“Congress can act now to ensure front-line bank workers have a voice in financial reform by passing the Employee Free Choice Act. By forming a union, workers can negotiate incentive structures that promote sound financial advice and speak out against products that hurt consumers without fear of retribution.”

With 2 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers—not just corporations and CEOs—benefit from today’s global economy.