AFR: Big Banks Get Big ROI;
Republicans Hand Wall Street Another Victory
Washington, DC – Americans for Financial Reform released the following statement this afternoon after the Republicans in the Senate continued to deny the American public a debate and up-or-down vote on financial reform legislation:
Heather Booth, Director, Americans for Financial Reform: “Another day, another victory handed to the big banks courtesy of the Republicans.
Once again, the Big Banks are getting a big Return on Investment (ROI) on their multi-million dollar campaign to defeat meaningful financial reform. Unfortunately, thanks to continuing efforts by the Republicans and Senator Nelson to block debate, the American people are once again getting the raw end of a bad banking deal.
Eight million Americans lost their jobs because of the recession caused largely by the reckless behavior of the Big Banks. Now, they are once again suffering because of the reckless behavior of the minority in the Senate. It has been over eighteen months since Wall Street nearly took our entire economy over a cliff, it is long past time for the Senate to stop politics as usual and allow an up-or-down vote.
The American people have been at the mercy of Wall Street for too long. It is time for the Republicans to end their filibuster and allow a real debate on this urgently needed reform. AFR, and our 250 coalition partners, will continue to work day and night until real reform is passed.”
Nancy Zirkin, Executive Vice President, The Leadership Conference on Civil and Human Rights: “Last night, the Republicans released a so-call alternative. It would be laughable if it were not so hypocritical. This alternative is clearly nothing but a political ploy to create loopholes for the Big Banks to continue playing in a casino economy, and betting with taxpayers’ hard-earned money. It’s time we have a real debate on financial reform – a debate that Republicans claim they want, while at the same time digging in their heels and shilling for Wall Street. Enough is enough – working Americans have shown their support for Wall Street reform and they deserve a real solution.”
AFR’s complete analysis of the Republican alternative can be found here: http://ourfinancialsecurity.org/2010/04/afr-letter-re-gop-alternatives-to-s-3217/