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WASHINGTON With the defeat of the rule for the Financial Modernization Bill today, the House of Representatives gets a rare chance to go back to the drawing board and "get it right," according to Consumers Union.
"The defeat of this rule shows you can't do a financial modernization bill without putting consumer interests front and center," said Mary Griffin, Insurance Counsel at the Washington, D.C. office of CU, publisher of Consumer Reports. "Like Titanic setting sail before it hit the iceberg, this bill was doomed by the lack of consumer support it received. The leaders of the House of Representatives were wise to make a mid-course correction and avoid defeat. Now we have a rare opportunity to right a wrong and create a new banking law that puts consumers interests ahead of special interests."
Griffin had expressed concern about the proposals deficiencies in mixing business and commerce, providing meaningful consumer protections and killing state laws.
Consumers Union press releases are posted on our Faxback Line: 202/238-9258
Fact Sheets detailing CU's position on this legislation are available on CU's faxback line. Dial up document no. 3902 for today's letter to the House, no. 3103 for "bank sales of insurance and investment products" and no. 3306 for "state consumer protection bank laws need preservation"
