Still Work to Be Done, Senate Must Act to Strengthen Reform

Washington, D.C.--Today, the Service Employees International Union (SEIU) released the following statement of Secretary-Treasurer Anna Burger following the House's vote on financial reform:

Today is an important milestone in reversing the decades-long stranglehold Wall Street and big banks have had over our economy. But it is just the first step.

"Despite the millions Wall Street and the Chamber of Commerce spent fighting the demands of the American people and the dozens of visits by big bank CEOs to strong-arm members of Congress, our leaders found the political will and courage to pass the most historic financial reform legislation in nearly 80 years.

"Over the past year, thousands of Americans--hardworking women and men who have lost their jobs, their homes, their life savings, and their businesses after big banks tanked our economy--have taken to the streets to demand an end to Wall Street's continued greed and recklessness. Today their voices were heard.

"The bill passed by the House today includes a strong Consumer Financial Protection Agency to ensure consumers have access to safe and secure financial products; strong whistleblower protections to allow workers to sound the alarm on harmful products and policies; and increased transparency and accountability to hold Wall Street accountable.

"But today, too many members of Congress still chose Wall Street over our families and used their power to chip away at the strength of the reforms.

"Now the Senate must act to strengthen the bill, and
Crack down on the sale of derivatives and other risky products;

Require rating agencies to fairly rate the bonds issued by state and local governments;

Shield investors from Wall Street risk; and

Establish a watchdog to rein in excessive risk and greed across the financial industry and prevent another financial meltdown.

"Every 7.5 seconds another family loses their home to foreclosure. We still have 15 million Americans without jobs. Our states and cities are still coping with massive budget shortfalls. Small businesses are still unable to get the funding they need to stay open. And Wall Street is getting ready to pay out a record $150 billion in pay and bonuses.

"Congress must not rest until we put Americans back to work and build a new economy that puts Americans' shared prosperity ahead of Wall Street and corporate wealth."

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