Re-regulating Finance Starts Now
June 17, 2009
Yesterday, Public Citizen and a wide variety of other consumer and labor groups kicked off the Americans for Financial Reform coalition. Our mission?
For too long, the rules of Wall Street have been written by the bankers themselves.
This year, that has to change.
Americans for Financial Reform is a coalition of nearly 200 national, state and local consumer, employee, investor, community and civil rights organizations that have come together to spearhead a campaign for real reform in our banking and financial system.
We're circulating a petition to restore transparency, oversight, and fairness to the financial marketplace. Take action here!
One of the principles of the coalition is that International institutions, from trade pacts to development banks and others, should provide a regulatory floor, not impose a regulatory ceiling. (You can read our issues brief on that matter here.) Expect to see more from us about how we can reform trade, investment and financial pacts to promote prosperity and security!
So far what I am hearing through various sources regarding re-regulation of the banking and insurance industries is that the executives inside these firms are the ones in charge of drafting and putting together the legislation. To me this makes no sense at all! We're letting the very people who put our country in a economic ditch to form the new regulatory framework??? President Obama should use people who are not associated or connected to the banking or insurance companies because they'll tackle the problem from an objective position and not from a purely ideological or slanted viewpoint that favors protecting the industry over the consumer and the worker.
Posted by: Farmer Jeb | June 17, 2009 at 07:01 PM