On the heels of Elizabeth Warren’s rallying cry for a Consumer Financial Protection Agency, Campaign for America’s Future called on our supporters to join the fight. The following call to action was sent to our supporters today.
The struggle to control the big banks is coming to a head in Congress. The House has passed legislation that creates a new Consumer Financial Protection Agency, to put cops on the Wall Street beat. But the bank lobby is going all out to kill the Consumer Financial Protection Agency in the Senate.
In fact, the bank lobby and its ally the Chamber of Commerce will be swarming Capitol Hill TOMORROW to pressure Senators. Those of us who don’t have paid lobbyists living in Washington need to make our voices heard NOW.
Top bank watchdog Elizabeth Warren recently defined the stakes. This is simply about “whether we are going to let the industry continue to write the rules — to keep the cops off the beat — or whether the financial crisis actually changed something.”
Why is a consumer agency so important? We have seen the banks use their power to impose hidden credit card fees, high interest rates and outrageous payday loan costs. They gouge consumers – and then when their bets go bad, they come to us to bail them out. We can’t let that go on.
The Consumer Protection Agency is but a first step in curbing the power of the big banks. But if the banks can stop that, they will gut any real reform. And they will go back to paying themselves million-dollar bonuses while sticking taxpayers with their losses.
Some politicians refuse to get the message. Some apparently think they can carry the bank lobby’s water now, and voters will forget later.
It’s up to us to send the message of reform loud and clear now, Tell your Senator, consumers need a cop on the financial beat. And they can’t let the big bank lobbies continue to write the rules.