Enough with the "compromises"

We need a strong, independent agency to protect consumers from big bank rip-offs. But some Democrats are ready to sacrifice what we need for "bipartisanship." Can you call Sen. Gillibrand and ask her to defend the Consumer Financial Protection Agency? Senator Kirsten Gillibrand Phone: 202-224-4451 Report your call Check out this funny new video from Funny or Die and Americans for Financial Reform. It features all of the ex-presidents (or at least, their Saturday Night Live counterparts) arguing for a strong, independent Consumer Financial Protection Agency.

Dear MoveOn member,

By now, you'd think that Democrats would have learned that Republicans have no interest in bipartisanship.

Yet, once again, Democrats are offering to water down critical reforms in a desperate attempt to bring a few Republicans on board. And once again, Republicans are refusing to come along until the "compromise" legislation is so weak as to be almost meaningless.

This time, the debate is over the creation of a Consumer Financial Protection Agency that would stand up to big banks and keep them from ripping off their customers—excessive overdraft fees, outrageous interest rates, exploding mortgages. But because Democrats are on the verge of caving, the agency is in serious danger.

It's time that Democrats stood up for what's right, not what the Republicans allow them to have. Can you call Sen. Gillibrand right now? Tell her that her constituents are sick of being ripped off by the big banks and they're expecting her to stand strong for a Consumer Financial Protection Agency that's truly independent.

Senator Kirsten Gillibrand
Phone: 202-224-4451

Then, please report your call by clicking here:

http://pol.moveon.org/call?tg=FSNY_2&cp_id=1302&id=19208-10220574-aklknqx&t=3

Over the last 30 years, big banks have built their business model around ripping their customers off. They rely more and more for their profits on their ability to hide information in the fine print.

Now that they're faced with the prospect of an agency whose only job is protecting consumers from these rip-offs, the banks are freaking out. Banks make billions off of these scams, so they're giving millions in contributions in the hopes of undermining this new agency—and it's working.¹

Anyone who's ever taken out a student loan or a mortgage, or forgotten to pay their credit card bill on time knows that the deck is stacked against consumers. The only way we'll level the playing field is if there's a powerful force in Washington that can stand toe-to-toe with the banks—and get them to stand down.

Can you call Sen. Gillibrand right now and tell her not to sell out her constituents for the sake of "bipartisanship"? Tell her to stand strong for an independent Consumer Financial Protection Agency.

Senator Kirsten Gillibrand
Phone: 202-224-4451

Then, please report your call by clicking here:

http://pol.moveon.org/call?tg=FSNY_2&cp_id=1302&id=19208-10220574-aklknqx&t=4

Thanks for all you do.

–Daniel, Peter, Ilyse, Kat, and the rest of the team

Sources:

1. "In a Message to Democrats, Wall St. Sends Cash to G.O.P.," The New York Times, February 7, 2010
http://www.nytimes.com/2010/02/08/us/politics/08lobby.html

"Consumer Agency Within Fed Seen as Victory for Banking Industry," Bloomberg News, March 3, 2010
http://www.moveon.org/r?r=86585&id=19208-10220574-aklknqx&t=5

Want to support our work? We're entirely funded by our 5 million members—no corporate contributions, no big checks from CEOs. And our tiny staff ensures that small contributions go a long way. Chip in here.

---

PAID FOR BY MOVEON.ORG POLITICAL ACTION, http://pol.moveon.org/. Not authorized by any candidate or candidate's committee. This email was sent to eddie alfaro on March 3, 2010. To change your email address or update your contact info, click here. To remove yourself from this list, click here.