FOR IMMEDIATE RELEASE:

Iowa Residents and Activists Call on Senator Charles Grassley to Vote for Wall Street Reform

Iowa June 30, 2010 -- With Congressional action to enact sweeping reform of the nation’s financial and banking systems on the horizon, Iowa Citizen Action Network as a member of the Americans for Financial Reform coalition convened a tele-press conference with local and national banking reform and consumer protection advocates. Presenting statements on the call were: David Berenbaum, National Community Reinvestment Coalition; Matthew Covington, Iowa Citizens for Community Improvement; Shelley Sheehy, NCRC board member from Davenport, Iowa; and Betty Ahrens, Iowa Citizen Action Network.

Advocates briefed the media on the state of play in Congress, as the House is expected to vote on final passage this week, and the Senate next – after a brief return to conference committee yesterday. The return to conference committee was prompted by reservations about the funding mechanism in the bill raised by some Senate Republicans – and seen by many as a potential concern to Iowa Senator Charles Grassley.

"Nearly two years after Wall Street crashed our economy, and after a year of work, the House and Senate are finally ready to vote on a comprehensive package of Wall Street reforms," stated Betty Ahrens of Iowa Citizen Action Network. "This bill reins in the casino economy created by Wall Street banks, protects consumers and small investors from unfair and predatory practices, enhances regulatory authority over shadow markets, eliminates conflicts of interest, and imposes requirements on the financial marketplace that will help guarantee that taxpayers will never again be asked to bail out the big banks and other financial firms."

Speakers presented an Iowa perspective on the need for reform. Matthew Covington of Iowa Citizens for Community Improvement spoke on behalf of Iowa families facing foreclosure and lost retirement savings, "Nearly two years into this financial crisis, it should be clear that we need a cop on the beat that is looking out for Main Street and everyday people. That is what we will have in the Consumer Protection Financial Bureau included in the current financial reform package. This bill is a positive step forward in addressing much of the corporate fraud and abuse that nearly tanked our economy and has threatened so many families."

Sen. Grassley could play an important role in the passage of this legislation because he stands out as one of only four Senate Republicans to vote in favor of the bill that was sent to conference committee from that chamber, and he has yet to declare his position on the newly combined bill. Ahrens concluded, "This bill should go to a vote, and Senator Grassley should not stand in the way of that vote. We are here to say that we are holding Senator Grassley accountable: a vote against the Wall Street Reform and Consumer Protection Act is a vote against Main Street."

Americans for Financial Reform is a coalition of over 200 national, state and local consumer, labor, retiree, investor, community, business, and civil rights organizations who are campaigning for real reform in our nation’s financial system.

Contact:

Amy Logsdon
Iowa Citizen Action Network
319-321-7056

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