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The best part of the Wall Street reform bill that just passed Congress is the Consumer Financial Protection Bureau. But whether the new bureau delivers on its promise to protect consumers depends in large part on who runs it. The agency was the brain-child of Harvard Professor Elizabeth Warren who has championed consumers and taxpayers for decades. Tell President Obama to put Warren to work and appoint her as the head of the new agency by signing our petition today!Headlines
Bankster Blog
Some will rob you with a six-gun;
And some with a fountain pen.
Tell President Obama to Put Warren to Work!
Submitted by Mary Bottari on July 28, 2010 - 08:46One of the strongest parts of the Wall Street reform bill that just passed Congress is the Consumer Financial Protection Bureau (CFPB). But whether the new bureau delivers on its promise to protect consumers depends in large part on who runs it. The agency was the brain-child of Harvard Professor Elizabeth Warren who has championed consumers and taxpayers for decades.
Tapayers Owed Big Bucks in the Bailout, Homeowners Get No Help From TARP
Submitted by Mary Bottari on July 21, 2010 - 07:58The June update of federal government expenditures in the Wall Street bailout by the Center for Media and Democracy shows that the multi-trillion dollar legacy of the financial crisis largely remains on the government's balance sheet. Our calculations put the total bailout expenditure at $4.74 trillion and the total outstanding balance at $2 trillion.
These numbers are much higher than what is reported in the media because CMD's Wall Street Bailout Cost Table takes into account all 35 government programs, not just the Troubled Asset Relief Program (TARP) managed by the U.S. Treasury Department. Still unpaid: $568 billion in TARP money and $1.4 trillion in Federal Reserve loans and investments.
Wall St. Reform Passes! Reformers Celebrate Rare Victory Over Entrenched Special Interest
Submitted by Mary Bottari on July 16, 2010 - 01:34After a classic David and Goliath showdown between Wall Street might and a small band of reformers, a 2,000 page Wall Street reform bill passed the U.S. Senate Thursday afternoon 60-39. The bill is now final and is headed to the President Obama’s desk for signature.
“We were outmatched 300-1, but the bill became stronger as it worked its way through the process,” said Heather Booth, director of the national coalition Americans for Financial Reform (AFR). This shows that “with organized people and committed leadership, things can move in the right direction,” said Booth.
Senate Bank Reform Bill One Vote Short
Submitted by Mary Bottari on July 9, 2010 - 07:32The fate of the Wall Street reform bill is up in the air after the death of Senator Robert Byrd of West Virginia. The bill is a single confirmed vote short of the 60 votes needed to get past a threatened filibuster by Senate Republicans. From day one, the Bankster team has supported the Consumer Financial Protection Bureau and that is still one of the strongest pieces of the bill. It is a great time to send off the last emails to Senators telling them to put a new cop on the block in the form of a CFPB.
Tell Us What You Think of the Bill
We want to hear from you about what you think of the bill and what grade you would give it if you were a kindergarten teacher grading Congress on its performance. Conceptually, the bill breaks down into three main parts.
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