Press RELEASE
| For Immediate Release | Contact | Phone |
| July 15, 2010 | Phyllis Salowe-Kaye, Executive Director, NJ Citizen Action |
973-643-8800 |
New Jersey Citizen Action (NJCA) Celebrates Main Street's Victory Against Wall Street
Newark, NJ — New Jersey Citizen Action, having spent the past year fighting for Financial Reform legislation, celebrates today with the Senate passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, one of the last hurdles before President Obama signs it into law:
"Passage of this legislation is a victory for Main Street over Wall Street," said Phyllis Salowe-Kaye, executive director of NJCA. "Nearly two years after Wall Street took our economy to edge of the abyss, and cost 8 million Americans their jobs, Congress has passed and sent to the President the most sweeping banking reforms since the Great Depression."
The legislation will take unprecedented steps to clean up Wall Street.
- It will protect consumers buying homes.
- It will create new rules of the road for credit to protect families and small businesses.
- It will rein in the casino economy and stop speculators from operating in secret.
- It will provide the tools to stop future bailouts.
- It will make our economy more secure and more stable.
NJCA thanks all those in Congress, especially Senator Robert Menendez, who is a leader on the Senate Banking Committee, for their continuing work to protect New Jersey consumers and for courageously standing with Main Street against Wall Street, which has tried for two years to kill this bill.
"Despite all the millions spent and armies of lobbyists deployed to kill this reform, Main Street has come out ahead because people organized, protested and raised their voices," Salowe-Kaye continued. "There is no question that Wall Street, and its high priced lobbyists will continue to work to weaken or gut reforms and we will continue to fight to ensure that the strongest reforms are implemented.
"This is the beginning and not the end of the struggle to hold Wall Street accountable. We will continue the fight to make sure the promise of the legislation is realized. Today we join tens of millions of Americans in celebrating this victory and applauding Congress for its bold action."
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New Jersey Citizen Action is the state's largest citizen watchdog coalition working to protect and expand the rights of individuals and families and ensure that government officials respond to the needs of people rather than the interests of those with money and power. NJCA is a member of Americans for Financial Reform, a coalition of organizations ranging from financial experts to community groups working to restore fairness and stability to the financial system and rebuild our economy.
