As Congress and President Bush rushed to pass legislation to bail out Wall Street last fall, Ed Mierzwinski, a senior fellow in NHPIRG’s Washington office, warned that the law didn’t do enough to hold banks accountable or protect Americans.
“The hastily developed law gave unprecedented spending authority to a single individual in the administration but lacked basic protections for taxpayers and assistance to homeowners,” said Mierzwinski.
For example, in December, the government invested $20 billion in Citigroup and backed more than $300 billion worth of the company’s loans and securities.
“It’s sweet for Citigroup,” said Mierzwinski, in a story posted on TheHill.com, “[but] I don’t see the taxpayers getting the benefits they need.”
NHPIRG and other state PIRGs are backing a detailed set of reforms to re-regulate Wall Street, protect taxpayers, and hold the financial industry accountable. For details, click here.