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“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.”
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