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AARP Applauds Conference Committee’s Work Toward Making Financial Reform a Reality


June 25, 2010


AARP Media Relations, 202-434-2560,

AARP Applauds Conference Committee’s Work Toward Making Financial Reform a Reality

Compromise Delivers Valuable Consumer Protections

WASHINGTON – AARP Executive Vice President Nancy LeaMond issued the following statement in response to the conference report on financial reform legislation announced this morning:

“AARP is pleased that members of Congress, on both sides of the aisle, have worked together to create more transparency and accountability for consumers and investors as they navigate the financial marketplace. This legislation will help ensure that consumers know what they are buying and that if scammed, they know where to turn for help.

“It will also put in place a consumer watchdog that will crack down on fraud and abuse and ensure consumers receive the information about financial products they need the most.

“Further, buying a home is a momentous and integral part of any person’s financial picture. New rules of the road will be established that help prevent consumers from buying a mortgage they can’t afford or being hit with hidden fees, and strengthen protections for reverse mortgages. Transparency and plain language bring consumers one step closer to fully realizing their dreams.

“Consumers can look forward to clear and defined regulations among stockbrokers and investment advisers in the near future, too. AARP has made clear that full transparency among not only financial products, but from the individuals who sell them or advise individuals on financial matters is imperative to investors making informed, sound decisions. No one should have any doubt that the person they are seeking advice from is doing anything but working in their best interest.

“AARP is pleased to see that House and Senate negotiators have further strengthened consumer and investor protections for millions of older Americans and their families throughout this process. We look forward to working with the House and Senate to pass the conference report.”

Recent AARP polling found strong support for financial reforms among Republicans, Democrats and Independents.  The survey can be found on

About AARP

AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 35.7 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

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