For Immediate Release
Congress Saved Wall Street, Time to Save the Rest of Us
Statement of U.S. PIRG Consumer Program Director Ed Mierzwinski on Anniversary of Financial Meltdown
WASHINGTON - "One year ago this week, after Lehman Brothers failed, the Bush administration and Congress began massive taxpayer-backed efforts to save Wall Street. Hundreds of billions of dollars later, taxpayers have saved Wall Street but Congress hasn't changed Wall Street's regulation or culture to prevent future meltdowns.
"Put simply, that means Congress hasn't saved the rest of us.
"While Wall Street bankers still pay themselves massive bonuses even when they fail, and while consumers still face unfair financial practices, Congress has dithered under a withering lobbying campaign from the big banks who claim that it wasn't their fault and that reform isn't necessary. It's time for Congress to reject business as usual and enact real financial reform, starting with passage of the Consumer Financial Protection Agency."
U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.