It’s time the financial industry stopped calling the shots in Washington. That’s why Consumer Watchdog has joined a broad coalition of reformers - consumer, investor, community, worker and civil rights organizations – dedicated to real reform of the financial system. We launched our campaign today, Americans for Financial Reform, calling on Congress and the administration to rein in Wall Street greed and protect the financial future of real Americans.
Go to the website and join the campaign here.
Two crucial ingredients in our recipe to protect America's pocketbook:
Create a new oversight board to make sure financial products – from mortgages to credit card contracts – are fair. Toasters and toys get scrutinized for safety – why don’t car loans have to pass muster too? (Read more on consumer protection.)
Force every financial transaction into the light. No more complex financial deals that no one understands but put us all at risk. If regulators don’t understand a deal, or it gambles with someone else's money, it shouldn’t exist. (Read more on reining in the shadow markets.)
Today’s announcement should put Congress on notice that the banks aren’t the only game in town – and that the public will be watching.