AARP Praises Senate for Passing Financial Reform

FOR IMMEDIATE RELEASE

July 15, 2010

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

AARP Praises Senate for Passing Financial Reform

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

WASHINGTON— AARP CEO A. Barry Rand responded to today’s U.S. Senate vote on the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” which will protect consumers from hidden fees and investment scams and require the financial industry to provide clear information so consumers can make the best financial decisions for their families. The bill will now be signed by President Obama. Mr. Rand’s statement follows:

“AARP is extremely pleased that today the Senate 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 Over the last three years, older Americans have lost billions of hard-earned dollars due to the failure of an outdated and compromised financial regulatory system.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 and 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 safeguards 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 crack down on investment scams targeted at older Americans.

“In today’s bipartisan vote, the Senate has sided with consumers, bringing greater transparency and accountability to the financial industry. AARP looks forward to the President signing this historic legislation into law.”

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 35.1 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA su Segunda Juventud, 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.