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Statement from Americans for Financial Reform on the President’s plan to create a Consumer Financial Protection Agency FOR IMMEDIATE RELEASE Contact:            Lisa Donner, 202-588-7772 June 29, 2009 Statement from Americans for Financial Reform on the President’s plan to create a Consumer Financial Protection Agency “The Financial system has failed the American public. More than $13 trillion of household wealth has been

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Washington Post: The Case for a Consumer Protection Agency

This guest post is from Ellen Harnick from the Center for Responsible Lending. Over the past decade, federal bank regulators looked the other way as responsible loans were crowded out of the market by aggressively marketed financial products carrying hidden costs and fees. Tricky products,

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Setzer 202-730-7349

Wednesday, June 24, 2009
Marcus Mrowka 202-730-7759


Washington, DC—Today, the Service Employees International Union
released a statement from Secretary-Treasurer Anna Burger, on news
that Citigroup is raising salaries by as much as 50 percent for
investment bankers and other top executives, to accommodate for
smaller annual bonuses. According to the New York Times, “Legal and
risk management employees, as well as those in the credit card and
consumer banking units, whose pay is typically skewed toward salary,
rather than bonuses, are expected to receive smaller increases.”

Said Burger: “Color us skeptical, but not surprised: The top dogs at
a company who took three taxpayer-funded bailout packages worth $45
billion, while wrecking the economy and keeping the bulk of its
employees at near-poverty levels, have decided to reward themselves
once more. Unfortunately, not all raises are created equal.

“Citigroup needs to commit to give any new raises to front-line bank
employees, who struggle just to make ends meet while dealing with the
rising costs of healthcare, not top executives who have contributed to
this mess.

“America’s big banks stand out as a startling example of an era of
corporate excess that needs to come to an end if we’re going to
rebuild an economy with strength that can last. By passing the
Employee Free Choice Act, we can begin to build an economy that
doesn’t just work for people in the top floor executive suites.”

# # #

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.

If you would rather not receive future email messages from Service
Employees International Union (SEIU), let us know by clicking here.
Service Employees International Union (SEIU), 1800 Massachusetts
Avenue, NW, Washington, DC 20005 United States

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NPA Community Meeting with Federal Reserve

National People’s Action organized a community meeting with the Federal Reserve in Richmond, California to raise the need to put an end to predatory lending and for regulatory reform in the financial sector. They will be organizing eight more meetings between now and September. If you would like to know more about the meetings, contact