For Immediate Release
Wall Street Reform Scorecard: Senators Ranked - Main Street or Wall Street?
WASHINGTON - A national public interest
advocacy organization compared a series of
key votes of U.S. Senators during consideration of the Restoring
Financial Stability Act this month and found that, while 11 received
public interest scores, nearly half voted with Wall Street CEOs more
with their Main Street consumer constituents.
The Senator Scorecard from the U.S. Public Interest
charted Senators' votes on ten key amendments and on the final bill,
on May 20. Among the amendments considered were the following:
Shelby (R-AL) amendment to severely weaken the proposed Consumer
Protection Bureau (Defeated, Public Interest Vote = No).
Chambliss (R-GA) amendment to weaken the bill's shadow markets
reforms. (Defeated, Public Interest Vote = No).
Carper (D-DE) amendment to weaken authority of state Attorneys General
protect the public. (Approved, Public Interest Vote = No).
how a Senator votes on one final passage vote isn't enough,” said Ed
Mierzwinski, Consumer Program Director for U.S. PIRG. “The Senate spent
weeks taking critical votes on whether to improve the bill for Main
at the behest of powerful Wall Street lobbyists, to eviscerate reforms.
scorecard examines important votes for consumers and taxpayers.”
must now be reconciled with a similar bill approved by the House in
For example, both
bills include an independent consumer agency and while the House bill
carve out car dealers from its oversight, the Senate bill would subject
agency to “paralysis-by-analysis” requirements. The Senate bill's
reforms of the derivatives markets are stronger, but Wall Street
lined up to weaken them.
urge the House and Senate conference committee to take the strongest
from each bill, so that Main Street consumers who have lost millions of
and trillions of dollars in home equity and retirement savings will be
protected from future meltdowns caused by greedy Wall Street bankers,”
here for the
Amendment Voting Guide U.S. PIRG issued prior to the votes.
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.