Citizen Action Supports Obama's Push For Financial Reform

Suburban News / NJ.com — Saturday, April 24, 2010

By John D. Atlas

After attending President Obama's speech on financial reform held Thursday at Cooper Union in New York City, Phyllis Salowe-Kaye, Executive Director of New Jersey Citizen Action and a newly appointed member of the Federal Reserve's Consumer Advisory Commission issued the following statement: "A vote for reform is a vote against tax payer bailouts. Creating a system that ensures that the financial system, the broader economy and the American taxpayers are protected in the event that a large firm begins to fail is essential. We support the President and believe that the time is ripe to address the underlying problems that caused the financial failure on Wall Street that have now wrecked havoc on Main Street." "For too long, the rules of Wall Street have been written by the bankers themselves. This has to change now. The creation of a strong independent Consumer Financial Protection Agency will close gaps that have caused loans to fail and neighborhoods to deteriorate. Transparency needs to become the goal in all derivative and other complicated financial deals and we must limit the size of banks and the risks they are taking." New Jersey Citizen Action is the state's largest independent citizen watchdog coalition with more than 60,000 members and over 100 affiliate organizations. "We applaud our United States Senators Menendez and Lautenberg for being champions of reform. Now the full Senate must act," added Salowe-Kaye.

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