Submitted by: Green America
Posted: Jun 15, 2011 – 02:50 PM EST
WASHINGTON, D.C., Jun. 15 /CSRwire/ - Green America issued a statement to the Senate today in support of the Wall St. Reform and Consumer Protection Act, especially its provisions for establishing the Consumer Financial Protection Bureau (CFPB). Alisa Gravitz, Green America's executive director, voiced opposition to "any legislation that will roll-back crucial and long-overdue financial changes or cripple the Consumer Financial Protection Bureau in its task of protecting consumers and small businesses."
As more and more of the exploitative banking practices and policies that directly led to the recent recession have come to light, Green America has worked to educate the public about the legislative changes needed to safeguard borrowers. Fran Teplitz, director of social investing programs, noted: "As a nation, we need a financial system that contributes to a healthy economy and stable communities, starting with safe lending policies. The Consumer Financial Protection Bureau was created with the intent of protecting consumers from the very practices that destabilized our financial system over the preceding years, practices that have mired us in a period of economic stagnation and high levels of unemployment."
Todd Larsen, Green America's corporate responsibility program director affirmed, "In order to prevent consumers from accepting financing they do not understand that can lead to foreclosure and bankruptcy, we need clear, plain language in our financial instruments and services, and an agency to strongly oversee this." Recently, a number of bills and amendments have appeared in Congress that would strip the CFPB of the powers it needs to keep consumers safe. A strong and independent CFPB, headed by a single director, will play a crucial role in shifting our financial structures from one that pursues short term gain at the expense of consumers and the economy as a whole.
It is time to move away from the "business as usual mentality" that led to the recent economic crisis and towards a vibrant, transparent economy with strong oversight that will allow our nation to prosper once again.
Green America is a national marketplace solutions organization founded in 1982. Our mission is to harness economic power -- the strength of consumers, investors, workers and businesses -- to solve social and environmental problems. Our programs address marketplace-based issues including corporate impacts on the environment and society, community investing, the role of shareholders, and consumer protection, to name a few. www.greenamerica.org