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 here in New Jersey and across the
country, and for small investors and taxpayers, while holding Wall
Street bankers accountable for their bad behavior.
That's why NJPIRG is pushing our Congressional delegation to support reform, so
that no Wall Street firm gets too-big-to-fail, and so New Jerseyans are
protected from unfair predatory mortgages and "gotcha" overdraft fees.
Even
though the banks took billions of dollars of taxpayer’s 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, our federal consumer program director
working in Washington, D.C., who is 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 found of Americans for Financial Reform, a coalition of which NJIRG is a member.
Working with our allies, and with support of NJPIRG members, 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.
