Statement By USAction Policy Director Alan Charney on Passage of Financial Reform

Washington, D.C. – USAction Policy Director Alan Charney today hailed passage of financial reform legislation, a step he said will “protect our families, our neighborhoods, our homes and our communities.”

“Almost two years ago, greedy banks and other financial speculators helped send America’s economy spiraling out of control. They engaged in complex, unregulated gambits with no transparency and they sold financial products, such as sub-prime home mortgages, that should not have been sold.

“Today Congress, responding to the demands of voters, has finally said enough is enough. We have passed historic legislation that will protect our families, our neighborhoods, our homes and our communities. This is a great start. We are now regulating our financial systems the way they should be regulated. The next step is systemic economic reform so that more and more Americans can share prosperity.

“I want to in particular congratulate Americans for Financial Reform and USAction affiliates for standing up to the big banks and leading the campaign to put Main Street in front of Wall Street. Americans for Financial Reform withstood the efforts of thousands of financial industry lobbyists and millions of lobbying dollars and led the effort for real change.”