|FOR IMMEDIATE RELEASE||CONTACT: Leigh Fifelski|
|MONDAY, April 26, 2010||517-999-3646|
Crack Down on Wall Street Banks
LANSING, MI – A new broad-based citizens coalition today called on the Senate to crack down on Wall Street banks, stop outrageous CEO bonuses and end bailouts by passing Wall Street reforms that protect families from financial practices that endanger people and the economy. Formation of Michigan Coalition for Wall Street Reform comes as the Senate today is expected to hold a key vote on whether to debate Wall Street reform.
“Michigan’s struggling families deserve reforms and protections that put Main Street first, not Wall Street banks and their lobbyists,” said Linda Teeter, Executive Director of Michigan Citizen Action. “Today the Senate must vote today to allow debate on Wall Street reform and begin holding Wall Street banks and insurance giants accountable. We must end the recklessness and greed on Wall Street that sent our nation into the worst recession since the 1930s.”
The coalition called for reforms that address the following:
- End future taxpayer bailouts for Wall Street banks;
- Protect the nation’s economy and jobs from future financial crises;
- Require banks to repay all $700 billion in taxpayer-funded bailout money;
- Stop outrageous CEO bonuses and schemes that reward reckless investments;
- Crack down on the financial scams, hidden fees and predatory lending that led to the economic crisis;
- Level the playing field for small businesses that follow regulations and the law;
- Establish a new Consumer Financial Protection Agency to watchdog and crack down on Wall Street abuses
The coalition has set up a web site at www.reformwallstreetnow.org and will be mobilizing people to voice support for Wall Street reform and to contact their lawmakers.
“Michigan families and small businesses play by the rules, and so should Wall Street,” said Christina Kuo, Michigan Director of Common Cause. “Taxpayers want our money back from Wall Street banks that put jobs and our future at risk. We deserve more accountability, more transparency and more protections from Wall Street banks that roll the dice on the taxpayers’ dime.”
With Senate Republicans threatening to block reforms by refusing to allow debate, the time is now to send a strong message to every member of Congress, said Phil Thompson, Michigan State Council President of SEIU.
“It’s unconscionable to allow big bank executives and lobbyists to kill Wall Street reform and reward the failed policies that crashed our economy, left 8 million Americans out of work, and required trillions in taxpayer-funded bailouts,” said Thompson. “Michigan’s workers and families deserve better.”
Progress Michigan Executive Director David Holtz said the new coalition will be rallying support for Wall Street reform until Congress passes a good bill.
“We will keep coming at it, and encourage the Senate to keep at it, until we get this done,” said Holtz. “Washington politicians who refuse to negotiate in good faith and block reform are choosing Wall Street over Main Street and the politics of obstruction over protecting Michigan’s families from predatory practices and bailouts. We can’t let them win.”