FOR IMMEDIATE RELEASE:
May 20, 2010
Contact: AARP Media Relations, firstname.lastname@example.org, 202-434-2560
AARP Applauds Senate Passage of Financial Reform Bill
Bipartisan Support Viewed as Critical Move Forward for Restoring Consumers’ Faith in Financial Markets
WASHINGTON – AARP Executive Vice President Nancy LeaMond issued the following statement in response to Senate passage of financial reform legislation this evening:
“AARP is extremely pleased that the Senate passed crucial legislation that will help create a more level playing field for consumers and investors as they navigate the financial marketplace. Americans have trillions of dollars in retirement savings in the financial system, and they deserve transparency and accountability on behalf of the industry.
“AARP has worked hard to prevent the financial industry from selling products that customers cannot afford or may not meet their needs. This bill increases transparency by requiring banks to disclose the terms and conditions of loans and credit cards in plain language. The legislation also establishes a consumer watchdog that will develop and enforce rules to help protect all Americans from financial predators.
“The legislation provides a clear role for state Attorneys General in protecting consumers from financial abuse, and preserves the ability of state AGs to provide an important backstop to the new consumer protection bureau. Finally, the Securities and Exchange Commission will have greater financial resources and authority to effectively police Wall Street so that it operates fairly for investors.
“AARP urges House and Senate negotiators to further strengthen consumer and investor protections for older Americans and their families during the conference process, so that the financial security of millions of Americans will be preserved.”
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