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 WISPIRG is pushing for reform, so that no Wall Street firm gets too-big-to-fail, and so consumers 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, our federal consumer program director 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 and WISPIRG are also founders of Americans for Financial Reform.
Working with allies nationwide, and with support from thousands of WISPIRG members across the state, 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.
