Politics

Take Action in the Final Days of Bank Reform Fight

By Mary Bottari

Reckless swaps and derivatives trading played a critical role in the financial crisis, inflating the domestic housing bubble and turning it into a global economic catastrophe. As the House and Senate conference committee begins final work on the financial services reform bill, it is critically important that we wall off the casino from the taxpayer guarantee. If big banks want to gamble they need to do so with their own money. Nobel prize-winning economist Joseph Stiglitz makes the case for strong provisions in the Senate derivatives chapter plainly: ?If [Congress] fails to pass strict oversight of dangerous over-the-counter derivatives and swaps the U.S. economy will continue to be vulnerable to significant financial risk.?

To urge the House and Senate conferees to take action visit BanksterUSA.

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Full post as published by PR Watch on June 09, 2010 (boomark / email).