Reckless behavior by the financial industry has cost millions of Americans their jobs, their retirement savings, and their financial well-being. Americans – whether they are Republicans, Democrats, or Independents – want Congress to hold those responsible accountable.
AARP is calling on the Senate to stand up to the army of financial industry lobbyists swarming Capitol Hill to protect their bonuses, loopholes, and lack of oversight and put in place new rules of the road that will protect Americans from financial abuse.
At AARP, we believe our members deserve to know if their Senators are going to side with people who play by the rules or the financial predators that ran our economy into the ground, took our members’ tax dollars to bail themselves out, and then rewarded themselves with million dollar bonuses.
Principles for Financial Reform
AARP is calling on the Senate to pass common-sense legislation that will crack down on financial abuse and protect consumers and investors. We believe that legislation should:
- Require Transparency. AARP is fighting to require banks to disclose the terms and conditions of loans and credit cards in plain language.
- Protect Investors. AARP is fighting to require financial advisors to tell consumers upfront about fees or commissions they earn and any conflicts of interest that potentially could bias their advice.
- Ensure Affordable Products. AARP is fighting to prevent the financial industry from selling products they know their customers can’t afford or don’t understand.
- Protect Seniors. AARP is fighting to protect seniors from investment fraud, such as when salespeople use misleading titles to suggest that they specialize in investing techniques for seniors.
- Crack Down on Predatory Lending. AARP is fighting to protect people from predatory lending practices, such as excessive fees, penalties and interest rates, on products ranging from mortgages to credit cards to automobiles.
- Establish a Consumer Watchdog. AARP is fighting for a consumer watchdog that would develop and enforce rules that help protect all Americans from financial predators.
- Strengthen Enforcement. AARP is fighting to arm the Securities and Exchange Commission with the resources it needs to effectively police the investment marketplace so that it operates fairly for investors.
- Protect States’ Rights. AARP is fighting to prevent the federal government from taking away the states’ ability to enforce stricter consumer protection laws.
- Help Victims of Financial Abuse. AARP is fighting to prevent victims of fraud from being forced to take their grievance to an arbitration panel that is biased in favor of the financial industry.