The Senate moved forward with financial reform yesterday – that’s good news. However, does this reform package really address the core issues?

One of the key issues is the high risk derivative trading moves by banking firms that also have on deposit what money most of us in this country have left and is insured by the FDIC. It also does not address capping interest rates and outrageous charges these same banking firms charge even their best customers for credit.

It is our opinion true financial reform lies with Glass-Steagall Act type legislation that separates high risk financial trading activities from the less risky, traditional banking for the people.

You might think we post a lot of releases by Senator Bernie Sanders of Vermont – you’re right – we do!

Of the 535 people in Congress that are responsible for how our country works – or doesn’t, Senator Bernie Sanders is truly a voice of the people.

Thanks again Bernie Sanders – keep up your great efforts on behalf of US!

Now we would like to see and hear President Obama step out strongly in front of these issues. We voted for “change we can believe in”.

Vermont Senator Bernie Sanders released this statement.

bob.b@transparencyandaccountability.org”>
Sanders Statement on Senate

Passage of Wall Street Reform

WASHINGTON, May 20 – Sen. Bernie Sanders (I-Vt.) issued the following statement after the Senate tonight voted 59 to 39 for a major Wall Street reform bill:

“As a result of the greed, recklessness and illegal behavior of Wall Street, this country was plunged into a horrendous recession. While this bill does not go as far as I would like, it is a strong beginning in the effort to reregulate huge financial institutions and to bring transparency to their often nefarious activities.

“I am especially proud that in this bill there is a major provision I authored which, for the first time, will lift the veil of secrecy at the Federal Reserve and give the American people an understanding of where trillions of their tax dollars went in the Wall Street bailout.

“I am disappointed that we could not garner the necessary votes to lower interest rates on credit cards or to begin the process of breaking up the largest financial institutions in this country which are the cause of so many of our problems. I intend to continue that effort until we succeed.”

Contact: Michael Briggs or Will Wiquist (202) 224-5141

You might think we post up a lot of releases by Senator Sanders – you’re right – we do!

Of the 535 people in Washington that are responsible for how our country works – or doesn’t, Senator Bernie Sanders is truly a voice for the people.

Thanks again Bernie Sanders – keep up your great efforts on behalf of US!

WE would like to see and hear President Obama step out strongly in front of these issues. WE voted for “change we can can believe in”.