As Obama Meets with Bank CEOs, SEIU Calls on Banks for Cap on Interest Rates, Halt to Foreclosures

Washington, DC--Today, as President Obama met with CEOs of some of the country's largest financial institutions, Service Employees International Union (SEIU) released a statement from International Secretary-Treasurer Anna Burger demanding that the big banks take action to help America recover economically, including a cap on interest rates and a moratorium on foreclosures of homes in the loan modification process.

Said Burger, At a moment when the president, Congress, and working Americans of all stripes are working together to help America rebuild from our financial ruin, one group stands out in opposing what needs to be done for economic recovery: the big banks.

"When the banks needed to be bailed out, taxpayers were there with the checks. Now that the banks are on more solid financial footing, they're repaying us in the most bizarre and cruel of ways: foreclosing on families, forcing businesses to shut their doors, refusing to aid state and local governments, jacking up bank fees and credit card interest rates--all while paying themselves hundreds of billions in compensation and bonuses this year alone.

"This is unacceptable, and it's wrong.

"Last week, 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. But there's more work to be done.

"President Obama must pick up where Congress left off. It's well past time for the banks to repay their debt to society. Starting today, the banks should commit to:

• A speculator's tax on Wall Street transactions;
• A cap on interest rates;
• An immediate moratorium on foreclosures of houses already in the loan modification process; and
• Using bonus money to expand lending to small businesses, help families facing foreclosure, and pay down state budget deficits.

"Together, we must get America working again."

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