'Taxpayers will no longer be held hostage by Wall Street's obsession with reckless policies and obscene profits,' says SEIU's Anna Burger

WASHINGTON, D.C.--Today, the Service Employees International Union (SEIU) released the following statement of Secretary-Treasurer Anna Burger on President Obama's recent proposals to rein in the reckless policies of Wall Street:

Today, President Obama sent a strong and clear message to Wall Street: The game is over. Taxpayers will no longer be held hostage by Wall Street's obsession with reckless policies and obscene profits.

"Over the past year, we've witnessed the same Wall Street banks that crippled our economy and took trillions in taxpayer bailouts revert back to the same risky practices that led to our economic collapse. Even worse, they are now rewarding themselves with multi-billion dollar bonuses paid for by the American people.

"At the same time these banks continue to foreclose on homes, deny small businesses the resources they need to stay in business, refuse to provide state and local governments the relief they need to save jobs and critical public services, and jack up credit card and bank fees on consumers.

"The American people are justifiably angry--they've lost their jobs, their homes, their businesses, and their life savings and the big banks are doing nothing to invest in our economic recovery.

"That's why thousands of Americans have taken to the streets over the past year to demand Congress hold Wall Street accountable. The Senate must immediately act on common sense financial reform legislation that puts our families ahead of oversized bank profits and prevents future economic crises.

"By limiting the scope of financial institutions and limiting excessive growth of the financial sector, President Obama and Chairman Volcker's proposals are important steps towards ending the risky practices that helped get us in the financial crisis we are in today and getting America back on the road towards economic recovery.

"To be successful, any financial reform must include the President's proposals to rein in the risk taking of big banks and impose fees on banks to recoup billions in taxpayer aid. We support additional provisions to further crack down on reckless practices and too big to fail institutions--including an independent and fully empowered Consumer Financial Protection Agency to protect Americans from intentionally deceptive products, separation between commercial and investment banking, the open exchange of derivatives, strong resolution authority and comprehensive reform of credit rating agency practices."

With 2.2 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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