One Year Later: Establishing a Fair Financial System
Today marks the first anniversary of the collapse of Lehman Brothers and the start of the worst financial crisis since the Great Depression. The event had negative effects on our entire economy, and consumers still deal with the aftermath daily in the form of decreased retirement funds and hefty bank fees from banks desperate for the extra cash, and more.
President Obama spoke from Wall Street today about the need for financial reform, calling for accountability, responsibility, disclosure, and the creation of a Consumer Financial Protection Agency. From the center of the financial collapse, the President mentioned the need to end regulator-shopping, close regulatory gaps, and eliminate contracts meant to be confusing, while noting the industry’s staunch opposition to regulation.
The New York Times quotes President Obama as saying, “instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them…. They do so not just at their own peril, but at our nation’s.”
Today, it is vital that we all note the importance of establishing a fair financial system for the sake of consumers and for the American economy as a whole. To write to your members of Congress and ask them to support Obama’s proposal to create a Consumer Financial Protection Agency, click here.