[il-talk] Fw: A Message From Senator Roland W. Burris

[Robert Gardner]

FYI

----- Original Message ----- 
From: Senator Roland Burris 
To: rngard1061 at mchsi.com 
Sent: Wednesday, April 28, 2010 1:29 PM
Subject: A Message From Senator Roland W. Burris


     
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            My fellow Illinoisans,

            Over the past two years, the reckless culture of Wall Street gambling brought the American economy to the brink of collapse. Millions lost their savings, their retirements, their homes, and their sense of economic security. Families and small businesses here in Illinois and all across the country continue to feel the effects, while the big banks on Wall Street continue to operate with unregulated greed.

            It is time to hold Wall Street accountable and to put Illinois consumers back in control. The American taxpayers should never again have to bail out another financial institution. The financial reform bill, now before the United States Senate, contains aggressive measures to ban these bailouts and to end the idea of "Too Big To Fail." This legislation increases oversight to better monitor these banks and their practices, prevents risky gambling on Wall Street, and creates sweeping new levels of transparency and consumer protections.

            As a former banker myself, I strongly support this tough new legislation. It is time to put Main Street ahead of Wall Street and to guarantee that the working families of Illinois will never again be called upon to bail out Wall Street bankers.

            I am proud to represent you in the U.S. Senate and remain committed to fighting for your interests every day. Please visit my website at burris.senate.gov or contact me with any questions or concerns. 



            Roland W. Burris 
            United States Senator 
                    
                  Wall Street Accountability Bill 
                 

              a.. Bans Bailouts And Ends "Too Big To Fail." This bill guarantees that taxpayers will never again be forced to bail out reckless Wall Street firms. It creates a safe way to liquidate failed financial firms without taxpayer money; imposes tough new capital and leverage requirements to prevent firms from growing "too big to fail"; and strengthens the Fed's authority to protect and support the larger economic system without having to prop up individual Wall Street firms. 
              b.. Puts A New Cop On The Beat. This bill creates a new, independent agency with broad authority to monitor banks, credit card companies, and other Wall Street firms for abusive practices-and intervene when necessary to protect consumers. 
              c.. Guarantees Clear Information In Plain English. The new agency will ensure that consumers get the information they need to shop for mortgages, credit cards, and other financial products in plain English-and protects them from hidden fees, abusive terms, and deceptive practices. 
              d.. Creates Advance Warning System. This bill creates a council to identify and address the kind of systemic risks posed by large, complex companies or risky financial products that could threaten the stability of the overall economy. 
              e.. Closes Loopholes. This bill eliminates loopholes that allow reckless, abusive practices to go unnoticed and unregulated-including loopholes for the kind of risky financial products that undermined our economy and led to our financial crisis. 
              f.. Protects Community Banks. This bill streamlines bank supervision to create clarity and accountability and protects the dual banking system that supports community banks. 
              g.. Reins In CEO Pay With "Say On Pay." This bill reins in excessive CEO pay by giving shareholders a "say on pay" and providing corporate affairs with a non-binding vote on executive compensation. 
              h.. Protects Investors. This bill provides tough new rules for transparency and accountability for credit rating agencies that will protect investors and businesses. 

            Please Note : I cannot respond to replies directly to this email address due to security concerns. I look forward to corresponding with you through my web form at burris.senate.gov/contact.cfm.  

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