Washington, DC - SEIU Secretary-Treasurer Anna Burger released the following statement after the House of Representatives Financial Services Committee voted 39 to 29 to create a Consumer Financial Protection Agency (CFPA). Burger testified in support of the agency last month before the Committee.

"It's been a year since the financial world collapsed and it is now clear that the greed and excess of big banks, the U.S. Chamber of Commerce and their allies could have and should have been prevented. Today, Chairman Frank and the Financial Services Committee stood up on behalf of American families by passing legislation to create a strong Consumer Financial Protection Agency--and to prevent business as usual to continue.

"According to a recent poll, nearly 75 percent of Americans believe that the greed and risky decisions of banks and financial companies led to our financial crisis. And nearly 80 percent believe that Congress needs act to crack down on excessive compensation and bonuses at big banks and Wall Street. That's why when the American Bankers Association meets in Chicago next week, more than 5,000 taxpayers from 20 states will be there to demand an end to Wall Street's appetite for greed.

"And that's why, while today's vote represents an important milestone in our efforts to reform the financial system, we must continue working with leaders in both chambers to make this bill even stronger and enact strong reforms that will protect us from future bank-induced crises. We believe that to be successful, the CFPA must be strengthened to include:

* oversight of auto dealers who receive lucrative compensation in financing auto loans;
* the authority to examine the books of all financial institutions, no matter what size, without cumbersome barriers;
* fixes to the current compensation system which pressures and incentivizes workers to push and sell bad and unneeded products to consumers as a condition of employment; and
* the full authority to stop the sale of credit-related insurance policies that are virtually worthless.

"It is time to end the practice of putting profits over the interests of ordinary Americans and our economy as a whole. Financial reform will help the nurses, child care providers, janitors, and the millions of other SEIU members and Americans who continue to experience the devastating effects of layoffs, the loss of healthcare coverage and the foreclosure of their homes caused banks' failure to act responsibly."

With 2.1 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers--not just corporations and CEOs--benefit from today's global economy.

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