Press Conference Call TODAY, May 6 at 2:30 PM ET***

Consumer Advocates Expose Sham GOP Proposal

Washington, DC – On Thursday, May 6 at 2:30 pm, advocates who have led the fight for tough, new rules to protect consumers from tricks and traps of mortgage companies, car dealers, credit card companies and others who prey on borrowers will expose the sham that is Sen. Shelby’s “consumer” amendment to the Wall Street accountability currently being debated in the U.S. Senate.

“By putting forth this sham proposal, Sen. Shelby has shown his hand and proven once and for all that he has never had any intention of supporting tough, new rules to protect consumers and head off the kinds of sleazy practices that enabled this financial crisis,” said director of Americans for Financial Reform Heather Booth. “Under this plan, consumer would not be protected against credit card companies, car dealers or payday lenders, let alone companies like Washington Mutual or Countrywide, the worst actors in the ultimately disastrous subprime mortgage market.”

Who: Heather Booth, Director, Americans for Financial Reform

Ed Mierzwinski, US PIRG

Mike Calhoun, Center for Responsible Lending

Janis Bowdler, National Council of La Raza

When: Thursday, May 6, 2:30 PM ET