Washington,
D.C.: Statement of U.S. PIRG Consumer Program Director Ed Mierzwinski
on Final Passage of Wall Street Bailout Legislation Today
“U.S. PIRG is deeply disappointed that Congress punted
on enacting critical protections for taxpayers and homeowners in the Wall Street
bailout legislation passed today.
There is no question that regulator inaction and
ineptitude made things much, much worse.
Should the markets stabilize following this vote,
Congress must realize that this is only a stopgap measure with nothing – not a
single line in more than 400 pages – that guards against another collapse of the
financial markets.
Further, all of the homeowner and many of the taxpayer
protections touted by bill supporters are voluntary. We can only hope that
Secretary Paulson will use the unprecedented and extraordinary power he has been
given to stabilize the uncertain financial landscape for homeowners, consumers
and communities. Protecting homeowners protects taxpayers.
We call on Congress to take up broad financial reform in
the first 100 days of the new Congress. Next year’s reforms must include
tougher, more prudent safety and soundness regulation, greater oversight of the
regulators themselves, and elimination of predatory credit card and mortgage
practices. It must also give consumers, depositors, small investors and
taxpayers a bigger voice in financial regulation.”
