Washington, Sept. 14 – One year ago this week Lehman Brothers collapsed and much of the U.S. economy followed.
Today, as the President speaks in New York City on the need for Congress to act on strong financial regulations to protect consumers, Americans for Financial Reform, a coalition in which the U.S. Public Interest Research Group plays a leading role, released the following statement:
?Heather Booth, Director, Americans for Financial Reform: ? ?“One year ago this week Wall Street greed and lack of government oversight brought the financial industry and much of the US economy to the edge of the abyss. A year later, it appears that many in Congress still have not learned the lessons of the past. While some improvements have been made, the fact remains that many of the structural problems that allowed the financial industry to take down the US economy remain unchanged today.
?“This one year anniversary should be a reminder to all Members of Congress that they were elected to protect Main Street, not Wall Street. ? ?
“We applaud the President for making the passage of robust financial regulations a priority. It is now time for Congress to act. For too long special interests have had a strangle hold over Congress. We cannot afford to let this continue. It is time to pass meaningful regulations, including the Consumer Financial Protection Agency, executive pay reform and risk regulation, that will effectively police Wall Street, bring about some accountability and transparency and help keep Americans in their homes.”
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Americans for Financial Reform is a national coalition of nearly 200 state and local organizations ranging from financial experts to community working to restore fairness and stability to the financial system and rebuild our economy.
