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Change the American People Can Get Behind

President Obama announces tougher measures to reform the financial system

Washington, DC – Yesterday, President Obama announced a tougher stance on financial reform. John Taylor, President & CEO of the National Community Reinvestment Coalition, made this statement:

“President Obama is to be commended for taking a tough stand with the financial industry. This is change the American people can get behind. The President has poked a hole in the bubble of denial that seems to be enveloping Washington; we need stronger financial reform measures. A banking lobbyist expressed concern today with the President’s ‘turn in tone’ but Americans are concerned with Washington’s ‘bankers know best’ mentality. It’s time for Congress to follow the President’s lead and stand up for working people, instead of taking their cues from the banks’ highly-paid lobbyists. It won’t be easy. The financial services lobby will expand its efforts to kill legislation and regulatory changes favorable to consumers. Consumer and community advocates must redouble their efforts to win meaningful financial reform.”

 “We urge the President and Congress to create a strong and independentConsumer Financial Protection Agency and not give in to efforts todiminish its power. We also urge serious consideration of the callsfrom economists, mortgage experts and consumer groups to reduce notjust the paperwork but the loan principals as well to stop theforeclosure crisis and, as a result, stem job loss and revive theeconomy.”

The National Community Reinvestment Coalition is an association of morethan 600 community-based organizations that promote access to basicbanking services, including credit and savings, to create and sustainaffordable housing, job development and vibrant communities forAmerica's working families.


 Click here to view this press release as a .pdf