New Jersey Citizen Action Applauds The Creation Of Consumer Financial Protection

NewsBlaze — Thursday, October 22, 2009

The action by the House Financial Services Committee today passing HR 3126, The Consumer Financial Protection Agency Act, marks a major turning of the tide against decades of big banks' systematic dismantling of the financial protections put in place after the Great Depression. "Chairman Frank has done a masterful job in working to preserve President Obama's vision for an independent Consumer Financial Protection Agency (CFPA) to stand up for everyone who has ever signed on the bottom line to open a checking account, take out a mortgage or used a credit card" said Phyllis Salowe-Kaye, executive director of NJCA. "We also commend freshman congressman and committee member, John Adler (D, NJ, 3rd District) for voting to pass the bill."

"In the face of the economic catastrophe — a catastrophe that was both foreseeable and preventable with regulation — the fact that some of the Chairman and the President's priorities had to be compromised speaks not to legitimately competing interests but to the mind-boggling sums of money the U.S. Chamber of Commerce, the American Bankers Association and other special interests spent lobbying against the interests of the rest of us. We fought hard to allow New Jersey to set its own standards which are above the federal floor," continues Salowe-Kaye.

There are other places where the bill needs to be strengthened. The fight continues: we will continue to push for the improvements we need for an agency that can do its vital job for all of us.

"The power of the big banks in Washington is old news. What's new is that ordinary Americans have come together to fight back, forming a powerful alliance and working together to preserve the essential structure of a new Consumer Financial Protection Agency. We are greatly disappoint in Congressman Leonard Lance (R, NJ 7th District) for voting against consumer protection legislation and it is no surprise that Congressman Scott Garret (R, NJ, 5th District) also voted no as he has been a long time supporter of banking interests," concludes Salowe-Kaye.

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.

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