Overview
More than a year after Wall Street's reckless dealings triggered the
worst economic crisis since the Depression, we're still waiting for
Congress to enact the changes that could keep it from happening all
over again.
We need a financial system that works for consumers, small investors
and taxpayers while holding Wall Street bankers accountable for their
bad behavior.
That's why PennPIRG is pushing for reform, so that no Wall Street
firm gets too-big-to-fail, and so Pennsylvanians are protected from unfair
practices ranging from predatory mortgages to "gotcha" overdraft fees.
Even though the banks took billions of dollars of taxpayers money,
the big banks and Wall Street are lobbying hard to block reform.
But we have a real opportunity to reform the financial system that failed.
Leading the charge is Ed Mierzwinski, PennPIRG's federal consumer program director working in Washington, D.C., and a 20-year Capitol Hill veteran. Whether he's making our case at Congress or on cable news,
Mierzwinski is one of the strongest public interest voices on financial
reform in Washington. Mierzwinski also helped to found Americans for Financial Reform.
Working with allies, and with support from thousands of PennPIRG members across the country, we are making progress.
In December, the House of Representatives narrowly approved the Wall
Street Reform and Consumer Protection Act, despite the outcry from
lobbyists representing the financial industry.
But the fight's not over. We need your help to pass a strong version of the bill in the Senate.
We're gathering support for a bill that would:
• Put
consumers and taxpayers before big banks. Check irresponsible financial
practices with new rules and stronger, independent enforcement. We’re
supporting a new Consumer Financial Protection Agency.
• Cover
all players and transactions. Rein in hedge funds and reckless
investments that escaped regulations and traded without oversight on
“shadow markets.”
• Prevent financial institutions from
becoming “too big to fail.” Banks shouldn’t be able to freely gamble
with taxpayer money covering the bets.
• And we support greater oversight, accountability and democratization of the Federal Reserve.
Please take action today, by clicking here.
