Wednesday, May 05, 2010

Too big to fail is too big to exist

From Public Citizen
Call Your Senators to Strengthen Financial Reform

Tell your senators it’s time to vote to hold Wall Street accountable!

Please call your senators now, using the talking points below. Tell them it’s time to pass the American Financial Stability Act of 2010 with strengthening amendments and to vote “No!” on any anti-consumer amendments or big bank loopholes.

Wall Street has spent tens of millions of dollars to kill reform. Wall Street likes the status quo. Thousands of bankers and lobbyists are roaming the Capitol’s halls, trying to convince your senators that reform is bad for America.

Your senators need to hear the real American story — from YOU!

It’s the final push for real reform! Don't let Wall Street kill the bill!

Public Citizen, the Americans for Financial Reform coalition and thousands of concerned Americans are flooding the Senate with calls. Call the Capitol switchboard at (202) 224-3121 and ask for your senators. Tell them your story and make sure they pass real financial reform!

Use the number and talking points below to call your senators now!

Call: (202) 224-3121


Talking Points:

1.) I urge you to pass the American Financial Stability Act of 2010 with strengthening amendments and vote “No!” on any anti-consumer, big bank-loophole amendments.

Specifically:

2.) Break up the banks — too big to fail is too big to exist. Vote “YES!” to Sen. Sherrod Brown (D-Ohio) and Sen. Ted Kaufman’s (D-Del.) “Break Up the Banks amendment.” The Brown-Kaufman Amendment would keep financial institutions from growing so big that their failure threatens the economy. Banks that are already dangerously bloated would have four years to break off parts of their business. Measures already in the bill that would help prevent banks from becoming "too big to fail" should stay there.

3.) Defend the consumer protection agency in the bill, and make it stronger and more independent. Don't give veto power over the agency to the banking regulators that were responsible for this crisis, and don't use this bill to block states from protecting their own citizens.

4.) Clamp down on the trade in exotic financial instruments such as derivatives –- the things that threw AIG into crisis and required $180 billion in taxpayer bailout funds. At a minimum, all such instruments must be traded openly on exchanges and backed by sufficient collateral. Giant financial institutions should never again come to the government to make good on debts they can't pay. The bill also should stop banks from engaging in proprietary trading and prevent financial companies from making Goldman-Sachs-style bets against their own clients.

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