|
U.S. PIRG Consumer Blog
« Massachusetts issues data protection rules |
Main
| Credit card tricks of the "Money Pushers" exposed by whistleblowers »
September 24, 2008
26 groups demand public interest principles in any bailout
We've worked with 26 leading consumer, civil rights, labor and community organizations to send Congress a detailed platform of Public Interest/Main Street Principles To Guide the Wall Street Rescue. 1) The final provision must include Chapter 13 judicial modification relief and a mechanism for ensuring loan modifications. 2) The final law must protect taxpayers. 3) The new law must severely restrict executive compensation at any companies that directly benefit from the bailout and include a claw-back provision to reverse ill-gotten gains. 4) The bailout must be designed to minimize the opportunity for gaming and should be designed to minimize moral hazard. 5) The bailout must include greater oversight than the Paulson plan provides for. 6) The bailout must include greater transparency in financial transactions and rescue operations than the Paulson plan provides for.Finally, we should not let any institution that engaged in racial or ethnic discrimination or abusive lending off the hook for their actions.
More details in the principles letter (same link as above).
Posted by Ed Mierzwinski at September 24, 2008 03:34 PM
Post a comment
|
