“While the public is wary of too much government involvement with the economy,” the Pew study says, “it suspends that concern when it comes to stricter regulation of major financial companies. A clear majority (61%) says it is a good idea for the government to more strictly regulate the way major financial companies do business….”
That’s good news. It means that a common sense approach to Wall Street regulatory reform should sail through the Congress. Now that’s getting something accomplished the American way! But wait…
Why have 41 Republican Senators already written a letter stating opposition to the Wall Street Regulation bill? Doesn’t sound like they are listing to their constituents, does it? Or maybe it’s their corporate constituents, the ones that finance their huge campaign war chests, which have their ear. Maybe it’s the influence of banking industry lobbyists who greatly outnumber our elected representatives who are drowning out the voice of We the People.
I know this; it's time to hold these big banks accountable. Accountable to the nation whose strength allows them to prosper, and to the people whose character and hard work create the strength of this nation. We must establish the strongest consumer protections in this country's history, ensuring that taxpayers will never have their arms twisted like this again; forced to bail out irresponsible tycoons and fraudsters living lives of unconscionable waste at the expense of everyone else. We can no longer afford to pay tribute to the few who sap our country’s strength for their own narrow special interests.
I stand with President Obama to:
• Create the strongest consumer protections in history so that Americans always get the information they need to make smart financial decisions; and
• Rein in Wall Street abuses, hold the big banks accountable, and ensure that taxpayers never again have to bail them out; and
• Prevent lobbyist loopholes or exemptions from weakening reform.
Take action today to speak out about Wall Street Reform, demand it.
The President puts it best and I will close with his words and a call to action:
“It has now been well over a year since the near collapse of our entire financial system that cost the nation more than 8 million jobs. To this day, hard-working families struggle to make ends meet.
We've made strides -- businesses are starting to hire, Americans are finding jobs, and neighbors who had given up looking are returning to the job market with new hope. But the flaws in our financial system that led to this crisis remain unresolved.
Wall Street titans still recklessly speculate with borrowed money. Big banks and credit card companies stack the deck to earn millions while far too many middle-class families, who have done everything right, can barely pay their bills or save for a better future.
We cannot delay action any longer. It is time to hold the big banks accountable to the people they serve, establish the strongest consumer protections in our nation's history -- and ensure that taxpayers will never again be forced to bail out big banks because they are "too big to fail."
That is what Wall Street reform will achieve, why I am so committed to making it happen, and why I'm asking for your help today.
Please stand with me to show your support for Wall Street reform.
We know that without enforceable, commonsense rules to check abuse and protect families, markets are not truly free. Wall Street reform will foster a strong and vibrant financial sector so that businesses can get loans; families can afford mortgages; entrepreneurs can find the capital to start a new company, sell a new product, or offer a new service.
Consumer financial protections are currently spread across seven different government agencies. Wall Street reform will create one single Consumer Financial Protection Agency -- tasked with preventing predatory practices and making sure you get the clear information, not fine print, needed to avoid ballooning mortgage payments or credit card rate hikes.
Reform will provide crucial new oversight, give shareholders a say on salaries and bonuses, and create new tools to break up failing financial firms so that taxpayers aren't forced into another unfair bailout. And reform will keep our economy secure by ensuring that no single firm can bring down the whole financial system.
With so much at stake, it is not surprising that allies of the big banks and Wall Street lenders have already launched a multi-million-dollar ad campaign to fight these changes. Arm-twisting lobbyists are already storming Capitol Hill, seeking to undermine the strong bipartisan foundation of reform with loopholes and exemptions for the most egregious abusers of consumers.
I won't accept anything short of the full protection that our citizens deserve and our economy needs. It's a fight worth having, and it is a fight we can win -- if we stand up and speak out together.
So I'm asking you to join me, starting today, by adding your name as a strong supporter of Wall Street reform:
http://my.barackobama.com/StandForWallStreetReform
Thank you,
President Barack Obama
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