FOR IMMEDIATE RELEASE

U.S. PIRG: 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

“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.”
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