Unbelievable. The corporate banks and financial institutions on Wall Street that took our economy to the brink of collapse are now spending millions to defeat reform that would crack down on their predatory practices. They don’t want a federal agency looking out for consumers, so they are swarming Capitol Hill in an attempt to defeat the much-needed Consumer Financial Protection Agency.
This week, a House committee holds an important vote on Rep. Barney Frank’s (D-Mass.) bill to create a watchdog agency for us. Help us urge lawmakers to pass the strongest possible Consumer Financial Protection Agency Act (H.R. 3126) on Wednesday!
Shockingly, some in Congress are siding with the big banks to undermine reform. Rep. Melissa Bean (D-Ill.) is planning to introduce an amendment that would strip the right of states to protect their consumers more than federal law. This is exactly what got us into this mess: The financial industry concentrated on lobbying in Washington, while consumers living in states where voters want more consumer protections and a better environment for community banks were powerless.
We need to defeat Rep. Bean’s attempt to pre-empt state laws and work to ensure that Rep. Frank’s bill emerges intact from the committee. Tell your representative we need a strong Consumer Financial Protection Agency to make sure that the banking industry works for the public and avert another trillion-dollar swindle.
Too much is at stake to allow Congress to cave in to Wall Street lobbyists. Contact your member of Congress today!