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Congress Backs Off On Financial Regulations Written by Marilyn Barrett, Founder of Revenge Is…

Early Sunday morning a man who lives two blocks from me died after he called the police, threatened to kill his girlfriend and himself, and the police shot him after he brandished a gun toward them. His girlfriend, fortunately not harmed, told the police that her boyfriend was distraught because he was unemployed. Just a few days ago, a friend recounted meeting a father who was full of shame, despair and feelings of inadequacy because he was losing his family’s home in foreclosure and his ability to provide adequate shelter for his children was now uncertain.

While these stories of tragedy and hardship in Main Street continue to multiply, Wall Street is once again persuading Congress to dilute financial regulations proposed by the Obama administration to protect Main Street Americans against future financial meltdowns and to protect US taxpayers from having to again bail out banks who are reckless and “too big to fail.”

The Obama administration introduced two primary pieces of legislation to protect us against another financial debacle – regulation of derivatives and creation of a consumer financial protection agency to oversee financial products such as credit cards and loans. Even though the unemployment rate rose to 9.8% last month, wages are at a 19-year low, and home foreclosures jumped 29.2% from a year earlier (www.bloomberg.com). Wall street is aggressively lobbying Congress to dilute these regulations so they will not be impeded in their continuing pursuit of the almighty dollar. The top 5 banks reportedly were on track to earn more than $35 billion trading unregulated derivative contracts during the 2nd quarter of 2009 alone, and regulation could cost them real money. (www.freerisk.org)

So far it appears that Wall Street is succeeding.   Read the full Huffington Post article here

If you want to support President Obama’s proposed financial regulation of Wall Street, we urge you to contact your Congressperson or Senator. Contact information can be found here.

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Marilyn

Revenge Is …