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AARP Praises House for Passing Financial Reform Package

FOR IMMEDIATE RELEASE

June 30, 2010

 

Contact: AARP Media Relations, 202-434-2560, media@aarp.org

 

AARP Praises House for Passing Financial Reform Package

Bill Will Protect Americans’ Hard-Earned Money and Help Stabilize Our Economy

 

WASHINGTON— AARP CEO A. Barry Rand responded to today’s House of Representatives vote on passage of critical financial reform legislation, bringing consumer and investor protections one step closer to becoming a reality for Americans who have been hurt by the recent financial crisis.  By passing the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” Members voted to protect consumers and investors from abusive practices and reduce the vulnerability of the financial system. Mr. Rand’s statement follows:

“AARP is extremely pleased that the House passed crucial legislation that will help create a more level playing field for consumers and investors as they navigate the financial marketplace.   Over the last three years, older Americans have lost billions of hard-earned dollars due to the failure of an outdated and compromised financial regulatory system. This bill will restore responsibility, accountability and consumer confidence in our financial system, and help stabilize our entire economy.

“For too long consumers and investors have made critical decisions about their finances or their futures with too little information and without sufficient explanation of the products they are purchasing. Americans deserve to have all the information they need, in language they can understand, to plan for their future and have protections in place to protect them from scam artists.

“AARP supports this legislation because it will establish a watchdog that will protect Americans from getting a mortgage or credit card that has hidden fees that cause their bills to skyrocket; ensure Americans get the clear, accurate information they need to shop for mortgages, credit cards and other financial products; and crackdown on investment scams targeted at older Americans. 

“We look forward to working with the Senate to pass this important legislation as soon as possible.”

For more information about financial reform, visit www.aarp.org.

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.org. 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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If you are an AARP member and not with the press, call 1-888-OUR-AARP or email member@aarp.org.

 

If you are a reporter with a media inquiry please contact the AARP Media Relations office: 202-434-2560 or media@aarp.org.

 

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