[big campaign] RELEASE: Consumer Financial Watchdog Essential to Economic Recovery

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www.ourfinancialsecurity.org <http://www.ourfinancialsecurity.org/> FOR IMMEDIATE RELEASE CONTACT: Lauren Weiner, 202-470-5870 DATE: September 3, 2009 Congressman Keith Ellison, National Economic Council Deputy Director Diana Farrell and Advocates Press the Need for Consumer Financial Watchdog The Consumer Financial Watchdog Will Benefit All Minnesotans on the Road to Recovery *Link to Audio of Call* <http://www.americansunitedforchange.org/page/-/09.03.09%20Ellison-Farre ll%20Call.mp3> (Note the audio starts with Diana Farrell) Attached: Treasury Department Outline for Financial Reforms, including the Consumer Financial Protection Agency, and the Attorneys General letter, signed by MN AG Lori Swanson, supporting the CFPA Minneapolis, MN - Ahead of Congress' return to Washington next week, Rep. Keith Ellison and National Economic Council Deputy Director Diana Farrell joined Americans for Financial Reform to stress the urgency of creating a Consumer Financial Protection Agency to bring fairness and accountability to our financial system. This agency would serve as a watchdog for our wallets, protecting hard-working Minnesotans from the kinds of predatory practices that helped topple our economy. Rep. Keith Ellison (MN-5): "After America's worst financial crisis since the Great Depression and negative savings rates among consumers over the last several years, there's no way that the status quo can be tolerated. We need change - real change. In fact we need a consumer financial products agency that will protect consumers from tricky financial documents and will allow consumer to make real choices based on clear disclosure. "This is something that's going to help the general economy and everyone overall. Everyone knows that good markets work with good information. But that's exactly what we don't have. We need to make it more transparent and accessible to consumers." National Economic Council Deputy Director Diana Farrell: "We have had a pretty uncompetitive situation between the banks, who have been subject to consumer protection fees, and this whole host of folks who currently are unregulated. The Consumer Financial Protection Agency would propose to in effect have some assessment against all people who provide credit to level the playing field for all of them." Heather Booth, Director, Americans for Financial Reform: "We need a robust, independent federal Consumer Financial Protection Agency to protect consumers from unfair credit, payment and debt management products, no matter what company or bank sells them and no matter what agency may serve as the regulator for that company or bank. Properly implemented, the Consumer Financial Protection Agency will encourage innovation by financial firms, increase competition in the marketplace, and lead to better choices for consumers without threatening the collapse of our economy." Americans for Financial Reform <http://www.ourfinancialsecurity.org/> is a national coalition of nearly 200 state and local organizations <http://ourfinancialsecurity.org/about/our-coalition/> ranging from financial experts to community working to restore fairness and stability to the financial system and rebuild our economy. -30- --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the "big campaign" group. To post to this group, send to [email protected] To unsubscribe, send email to [email protected] E-mail [email protected] with questions or concerns This is a list of individuals. It is not affiliated with any group or organization. -~----------~----~----~----~------~----~------~--~---