Preventing the Need for Future Bailouts

In July, Ed Mierzwinski, VPIRG’s senior fellow for our federal consumer program, testified at the House Financial Services Committee in strong support of the Consumer Financial Protection Agency (CFPA). 
We’re working to pass broad new protections for consumers that will minimize the chance that reckless behavior by Wall Street banks and insurance giants can ever again push our economy to the brink of collapse.
“One year ago, after Lehman Brothers failed, the Bush administration and Congress began massive taxpayer-backed efforts to save Wall Street,” Mierzwinski said on Sept. 14.  “Hundreds of billions of dollars later, taxpayers have saved Wall Street but Congress hasn’t changed Wall Street’s regulation or culture to prevent future meltdowns.  Put simply, that means Congress hasn’t saved the rest of us.”