Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy
Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy and Avoid Accountability Brought by Financial Reform Bill
Senate bill needs to get stronger to protect consumers
Washington, DC — As the Wall Street reform debate opens in the Senate, the financial services lobby is pulling out all the stops to weaken or even kill the financial reform bill. On a mission to fight off oversight and accountability, Wall Street banks have already poured in millions of dollars, deployed over a thousand lobbyists, including former members of congress, all in efforts to fight off the bill and guard their lofty profits. The National Community Reinvestment Coalition urged the Senate today to fight on behalf of the American people for strong reform that ensures that the financial system is fair, transparent, and accountable.
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“Given the massive bailouts that Wall Street and the nation’s banks received from taxpayers to correct for predatory and reckless lending, Congress should mandate that the financial services industry give back to neighborhoods and communities they harmed by modernizing and expanding the Community Reinvestment Act,” said John Taylor, president & CEO of NCRC, in testimony on Thursday, April 15th, 2010.