Thursday, April 8, 2010

Write To Your Senate Banking Committee Rep

Chuck Schumer is a member of the United States Senate Committee on Banking, Housing and Urban Affairs

You can go to the above link, find the Committee members, and write to them about the Financial Reform Legislation now pending in the Committee. I did. Here's what I told Chuck Schumer:

Honorable Senator Schumer:

Please empower the new Financial Services Regulatory Agency so that it is independent and unchecked by an appointed commission. The regulatory body is being forced into existence by necessity to protect the public interest.

Any effort to compromise that public protection by housing the new body in the Federal Reserve or controlling it through an appointed oversight board will most likely neutralize whatever real long-term protections the new Agency could have afforded the public, and might even lead to greater damage and abuses.

We need restoration of Glass-Steagal, transparent regulation of all derivatives and derivative trading, and a taxpayer-friendly solution to "Too Big To Fail."

An oversight panel could easily be fashioned to weaken all these proven necessary roles for the new Agency.

Thank you for standing up for the people despite the pressure from financial institutions and their lobbyists.

We're counting on you!

Thank you.

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