The New Jersey News Blaze posted this statement from AFR ally New Jersey Citizen Action. Here’s the statement:
“Last week, Representative John Adler (D, NJ 3rd District) stood up for the people who live on Main Street and took an important step forward to support comprehensive reforms that would protect American families from the excesses of Wall Street, and put measures in place to ensure this financial crisis does not happen again,” said Phyllis Salowe-Kaye, executive director of New Jersey Citizen Action.
“We applaud Congressman Adler for putting families first who have lost their homes, their jobs and their savings, rather than kowtowing to those who are responsible for the economic disaster and have been ferociously lobbying to keep the status quo.
“The creation of the Consumer Financial Protection Agency will provide Americans with an important watchdog against the tricks and traps of lenders and brokers. This is a tremendous win for consumers and for the economy as a whole. No longer will big banks be able to sell mortgages and loans that can destroy our homes and our neighborhoods, and threaten the stability of our communities and our economy. This bill is not perfect but it does take the first vital steps toward reining in Wall Street and give the government the ability to unravel failed large financial institutions without using taxpayer dollars – a crucial step to prevent future TARP-style bailouts.
“These are common-sense steps necessary to put our economy back on sound financial footing and we thank Representative John Adler for his vote to protect the wallets of all Americans from unscrupulous and abusive lending and banking practices.”
“The power of the big banks in Washington is old news. What’s new is that ordinary Americans have come together to fight back, forming a powerful alliance and working together to preserve the essential structure of a new Consumer Financial Protection Agency. We are disappointed with Congressman Leonard Lance (R, NJ 7th District) for voting against consumer protection legislation and it is no surprise that Congressman Scott Garrett (R, NJ, 5th District) also voted no as he has been a long time supporter of banking interests,” concludes Salowe-Kaye.
New Jersey Citizen Action is the state’s largest citizen watchdog coalition working to protect and expand the rights of individuals and families and ensure that government officials respond to the needs of people rather than the interests of those with money and power. NJCA is a member of Americans for Financial Reform, a coalition of organizations ranging from financial experts to community groups working to restore fairness and stability to the financial system and rebuild our economy.