Tens of Thousands of Taxpayers Take Action at Bank of America Branches Nationwide to Take Back the Economy

SEIU, MoveOn.org and other Community Groups Collect 70,000+ 'Taxpayer Proxies' to Call for Ousting of CEO Ken Lewis, Reform of Predatory Banking Practices, Voice for Bank Workers

WASHINGTON, DC--Fueled by mounting frustration over an economic system that rewards corporate executives for their bad decisions while working people struggle to stay afloat, tens of thousands of taxpayers took action today at Bank of America branches across the country in advance of Bank of America's Annual Shareholder Meeting.

After accepting $45 billion in bailout funds, taxpayers became one of the largest shareholders of Bank of America. In actions in Washington, D.C., Los Angeles, New York, San Francisco and nearly 100 other cities, a diverse coalition of taxpayers and community allies collected more than 70,000 'Taxpayer Proxies' to demand that Bank of America take steps create an economy that works for everyone.

The 'Taxpayer Proxy' demands Bank of America: (1) Fire CEO Ken Lewis; (2) Commit to real financial reform; (3) Stop consumer abuses and predatory lending practices that hurt communities; (4) Provide bank workers access to affordable healthcare; and (5) Stop lobbying against pro-worker legislation like the Employee Free Choice Act that would support working families, restore balance to our economy, and ensure bank workers have a voice on the job to protect consumers.

The American taxpayers didn't cause this economic crisis but we sure our paying the price," said Anna Burger, Secretary-Treasurer of the Service Employees International Union. "We're watching our savings disappear, our debt pile up, and our retirement vanish. Taxpayers have had enough, bank workers have had enough, and its past time to hold big banks like Bank of America accountable if we are going to create an economy that works for everyone again."

Ximena Fuentes was a personal banker at a Bank of America branch outside Washington, D.C. for four years. She experienced firsthand the threats and pressure to put profits above providing customers with the sound financial advice they deserved.

"We were constantly pushed to sell, sell, sell," said Fuentes. "It didn't matter what the customer came in for, what they needed, or what they could afford--it was all about meeting our daily numbers."

"Without a voice on the job we had no way to stand up for our customers. If we questioned anything we thought was wrong we were told we could easily be replaced," Fuentes added.

On April 29th a delegation of taxpayers, bank workers, and religious and community leaders will deliver the 'Taxpayer Proxy' demands to the Bank of America shareholder meeting in Charlotte and demand that the voices of tens of thousands of Americans be heard.

Bank of America's Practices Put Profits Over Consumers and Workers:

* Over the last two years, Bank of America CEO Ken Lewis has received $34.8 million in compensation, while the median wage for a teller at Bank of America hovers around the federal poverty line for a family of four.

* Despite receiving $45 billion in federal taxpayer bailout funds since last fall, Bank of America has announced plans to lay off 30,000 to 35,000 workers and handed out $5.2 million in corporate bonuses. Bank of America could have used the money they paid out in bonuses to give each of its bank tellers an estimated $151,000 raise--nearly seven times their median salary.

* The bank also continues to make taxpayers pick up the tab for approximately $50 million a year in employee health care costs because many Bank of America workers cannot afford the company's health insurance and must rely on public healthcare programs.

* Last year, Bank of America collected $10.3 billion in bank fees, almost 30 percent higher than either of its two largest competitors. And even after taking bailout money Bank of America continues running up credit card interest rates on customers even if they have made every payment on time. The bank arbitrarily hiked interest rates on one million play-by-the-rules, pay-on-time customers in 2007 alone.

* In 2008, Bank of America spent more than $12 million on lobbying and opposed bills like the Employee Free Choice Act, the Credit Cardholders Bill of Rights and the Foreclosure Prevention Act which would directly benefit the economy and consumers.

For more information, please visit www.TakeBackTheEconomy.org.

Full list of sponsors include: SEIU, MoveOn.org, United Students Against Sweatshops, Catholics United, Center for Community Change, TrueMajority.org, Brave New Films, USAction, Women's Voices Women Vote Action Fund, American Rights at Work, Partnership for Working Families, Rainforest Action Network, Working Families Party, Jobs with Justice, and United for Peace and Justice

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