For Immediate Release

Thursday, July 8, 2010
Adam Goode, Maine People’s Alliance

BANGOR – As the U.S. Senate prepares to hold a final vote on financial reform legislation, a group of policy experts and activists gathered outside the offices of Senators Snowe and Collins in Bangor today to thank Representatives Michaud and Pingree for their votes in favor of the new regulations and to urge Senators Snowe and Collins to continue supporting financial reform and vote for the final bill.

“Maine people are still suffering from the Great Recession brought on by an eight-trillion-dollar housing bubble and a financial market meltdown,” said Connie Zhu, Policy Analyst for the Maine Center for Economic Policy. “A lot of people are facing even more hardship as they lose their unemployment benefits and health insurance this month. It is time for the government to be serious about regulating financial institutions to protect consumers and working families and to prevent future crises.”

Teams of canvassers from the Maine People’s Alliance have been visiting towns all over the state to organize support for the legislation and today dropped off hundreds of petitions from across northern and central Maine.

“I’ve been talking to people every day who have been deeply hurt by the current economic downturn. People like the chicken farmer in St. Agatha who worked until 8:00 every night trying to make ends meet and the elderly woman in Fort Kent who got a credit card to pay for her husband’s funeral and is now in debt for the first time in her life,” said canvasser Alison Maurice of Knox. “Maine people have seen that some Republican senators are still trying to protect their banker friends, stalling the process and trying to insert loopholes for special interests. They want Senators Snowe and Collins to have no part of that.”

Financial reform legislation is expected to pass next week, but large financial firms are still attempting to derail the legislation.

“Wall Street representatives have been spending 1.4 million dollars a day to oppose this bill. It’s unbelievable.” said Maine Women’s Lobby Executive Director Sarah Standiford.  “But instead of bowing to industry pressure, Maine’s congressional delegation has voted uniformly to rebuild our economy, give Maine people and small businesses renewed access to credit, and protect consumers from unscrupulous practices.”

“These consumer protections are particularly important for Maine women.  Women have been particularly vulnerable during this Great Recession because women were 41% more likely to receive subprime loans, regardless of income.”

Click here for video and news coverage from the event.

###