Senator Grassley Votes to Filibuster Comprehensive Financial Reform Despite Support of 60% of Americans

Legislation to establish a Consumer Financial Protection Bureau (CFPB) was dealt a setback yesterday when the Senate was unable to attain the 60 votes necessary to end debate and proceed to a vote. Senator Grassley voted to continue to filibuster the legislation despite the support of 60% of all Americans (Pew Economic Group poll from March 25, 2010). Iowa Citizen Action Network strongly supports the creation of the CFPB and calls on Grassley to vote to end the filibuster, and support the legislation.

The CFPB's sole mission would be to protect consumers from dangerous financial products and practices. It would close gaps in the regulatory fabric and respond quickly and effectively when regulation is needed. The CFPB would prevent crises such as the September 2008 disaster and big government bailouts from happening again. It would hold Wall Street accountable, end the casino economy that led to the 2008 financial collapse, and it would protect consumers from predatory lending and fraudulent financial services.

Despite the setback, Iowa Citizen Action Network is confident that strong financial reform will pass in the coming days. This Wall Street reform bill is a critical, historic measure and it's not surprising that it would take a while to get full agreement. But we're confident that a strong bill will pass the Senate in the next few days. The Senate bill puts the police back on the Wall Street beat, to ensure transparency and head off the kinds of dirty, double dealings we have seen from the likes of Goldman Sachs. In the end, we must come out with a package that first and foremost ensures that nothing like this can ever happen to the American people again.