FOR IMMEDIATE RELEASE:

Iowa Main Street Alliance Members Say Thank You To Senators Grassley and Harkin

A Vote for Financial Reform is a Vote for Main Street

Des Moines, Iowa June 3, 2010 -- On Thursday, June 3, Iowa Main Street Alliance members delivered a letter to Senators Grassley and Harkin thanking them for their vote to pass a momentous bill to rein in big banks, bring transparency to our financial system and protect consumers.

James Berge, a family farmer from Kensett, Iowa and a Main Street Alliance member said of the legislation, "Iowa Senators did the right thing last week by voting to pass an important financial reform bill. The reckless practices of Wall Street and the big banks led to the worst crisis since the Great Depression. Finally, those in Congress are doing something to reign in the players who created this disaster. Thank you Senators Harkin and Grassley for your vote in favor of financial reform." Berge continued, "The next step is a Conference Committee made up of Senators and Representatives from both parties that will reconcile the different versions of the bill passed by the House and the Senate. You can bet that the lobbyists from Wall Street and the big banks will do all they can during this process to kill the best parts of the bill. Fortunately, the Conference Committee includes our own Senator Tom Harkin. I urge Senator Harkin to hold firm and fight any weakening of the Senate’s bill."

The letter was signed by Main Street Alliance members from various communities, including: Des Moines, Iowa City, Kensett, Brooklyn; Perry, Ames, Huxley and Waterloo.

ReShonda Young, Operations Manager at her family’s business Alpha Express in Waterloo, and a member of the National Main Street Alliance Executive Committee said, "Iowans and all Americans had a big win when the Senate passed sweeping financial reform legislation that will hold Wall Street accountable and prevent future crises. At our business, we all played by the rules, but we were powerless in the face of the casino-style speculation of the big banks. Iowa small businesses need these reforms so we can go back to doing what we do best: creating jobs and serving our local communities." Young added, "I want to thank Iowa Senators Harkin and Grassley who voted for this important legislation. Thank you for standing with small businesses and the millions of Americans who lost their jobs, homes and life savings. Senator Tom Harkin will be a negotiator in the Conference Committee that will create the final legislation and I’m sure he will keep fighting for Main Street over Wall Street."

Text of the letter is:

As Main Street Alliance supporters in Iowa, we know all too well the toll the recession has taken on Main Street businesses, farmers and entrepreneurs. Wall Street’s reckless speculation brought about the economic meltdown and Iowa small businesses have suffered the consequences. And while Wall Street bankers have been busy converting taxpayer bailouts into massive bonuses, Main Street small businesses continue to pay the price – in lost business, frozen credit, layoffs, and bankruptcies.

That is why we are pleased that you, as our Senator, voted to pass the momentous bill that will rein in big banks’ reckless behavior and bring transparency to our financial system and protect consumers. We know that Wall Street used every weapon in their arsenal – $500 million to lobby against reform, millions in paid advertisements – to try to kill the bill, looking to opponents of reform in the Senate to block the bill. And when that didn’t work, they sent their army of almost 2,000 lobbyists to the Hill to attempt to dilute reform.

Thank you for resisting these forces, and voting to stand with the 8 million who lost their jobs and countless other Americans who lost their homes to foreclosure, savings and pensions because of the irresponsible actions on Wall Street.

Thank you for saying no more, holding Wall Street accountable and taking action to prevent another financial crisis.

Thank you for voting for this bill that will begin the process of reining in the unchecked speculation of the casino economy that caused this recession.

Thank you for working to protect consumers from fraud and abuse by financial institutions that siphoned billions of dollars from the pockets of middle class families into the hands of big Wall Street banks.

The passage of this legislation will be remembered as a historic turning point in our economic history. It ensures the financial system operates to support the needs of working families. It promotes business growth and economic mobility rather than the interests of the speculators who view the economy as a huge casino.

With the battle now moving to the conference committee, we know big banks will look to weaken or kill the bill behind closed doors. We urge you to use all your influence to prevent this from happening. We urge you to continue to support all efforts to ensure a strong bill emerges from conference and is signed into law.

Iowa small business owners need these reforms so we can go back to doing what we do best: creating jobs and serving our local communities. A vote for strong financial reform is a vote for small businesses.

Contact:

Sue Dinsdale
515-277-5077 x 14
sdinsdale@iowacan.org

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