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AARP Urges Congress to Pass Critical Financial Reforms


June 29, 2010


AARP Media Relations, 202-434-2560,

AARP Urges Congress to Pass Critical Financial Reforms

AARP will inform its members of how their House and Senate delegation voted.

WASHINGTON – Today, AARP CEO A. Barry Rand, announced the Association’s support for H.R. 4173, the financial reform bill AARP has long advocated for on behalf of consumers and investors. Excerpts from Mr. Rand’s letter to Congress urging support for the bill follow:

“Over the last three years, older Americans have lost billions of hard earned dollars due to the failure of an outdated and compromised financial regulatory system.  The failures that led to this crisis require bold action to restore responsibility, accountability and consumer confidence in our financial system.

“We are pleased that the conference report on H.R. 4173 represents exactly the kind of bold new regulatory approach that is necessary to protect consumers and investors from abusive practices and reduce the vulnerability of the financial system to failures.  Provisions of particular importance to AARP and its members include the authority granted to the Securities and Exchange Commission (SEC) to impose on brokers who give investment advice a fiduciary duty to act in the best interests of their customers; the creation of a powerful new advocate for investors within the SEC; and authority to the SEC to eliminate or limit the use of pre-dispute binding arbitration agreements and to improve disclosures to investors; the new protections against predatory mortgage lending; reverse mortgage provisions; strengthened protections for senior investors; and, the creation of a new Consumer Financial Protection Bureau (CFPB) that will have as its sole mission ensuring the best interests of consumers.

“AARP commends Congress for taking action to close regulatory gaps in the financial regulatory structure, thereby making our financial system both safer and more stable.  AARP polling demonstrates that Americans age 50+, regardless of party affiliation; want Congress to act to hold financial institutions accountable.  Because AARP members have a strong interest in how their elected officials vote on key issues, we will be informing them about how their [Representatives and] Senators vote on this important legislation. We urge you to vote ‘yes’ on the conference report on H.R. 4173.”

For a copy of the letter contact Mary Liz Burns or Alejandra Owens at 202-434-2560.

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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