Faith groups to lead massive rallies calling for tougher Wall Street Reform 

Senate should resist pressure from big banks to stop or water down reform

 As the Senate prepares to take up long-delayed Wall Street reform, thousands of religious leaders, small business people, homeowners and veterans are taking to the streets to demand tougher accountability on the nation's largest banks. 

 On Tuesday, Wednesday and Thursday people of faith are converging on the annual Shareholder Meetings of Wells Fargo and Bank of America, and on Wall Street and in communities across the country for massive public events to demand that the big banks stop using our money to lobby against consumer protection; stop throwing people out of their homes unnecessarily; get out of the business of payday and other predatory lending; and start making good loans to small businesses and families in Main Street, rather than gambling our money at the Wall Street casino. 

The clear message to Congress is that people of faith and local communities are watching and want much stronger action to reign in the banks.  The American people will not tolerate efforts by bank lobbyists to stop a vote on financial reform or water down its provisions.  Legislation needs to be tougher not weaker.  The financial services lobbyists may be pouring money into Washington, DC but there are more of us than them.

 We urge the Senate to support tough Wall Street reform, to strengthen it, and to act quickly. The Senate should:

•  Prevent big banks from using our money to gamble on Wall Street (strong rules that regulate derivatives and that get commercial banks out of the business of Wall Street speculation)
• Strengthen the Consumer Financial Protection Agency by increasing its enforcement authority, and making sure it has the independence and powers needed to stop predatory payday and other lending abuses
• Include provisions similar to those in the House bill that extend bridge loans to unemployed homeowners to avoid foreclosure

 The big banks shattered our economy and stuck hard-working families and our communities with the job of cleaning up the pieces. We've lost 8 million jobs, 1 out of every 8 mortgages is in default of foreclosure, and our cities, counties and states teeter on the edge of bankruptcy.   It is time to break Wall Street's stranglehold over the economy and start rebuilding our communities.

Media coverage

Roll Call, Activists Plan Pro-Financial Reform Rallies, Lobby Days, April 12, 2010

ABC News, More Banker Outrage: Protesters Plan Marches on Wall Street Banks, April 9, 2010

New York Times, Protests Planned for Banks' Shareholder Meetings, April 8, 2010

Washington Post, Rev. Luck Kolin, Banks as Good Neighbors, April 26, 2010

For more information visit www.ourmoneyourvalues.org 

PICO is a national network of faith-based community organizations working to revitalize neighborhoods and strengthen families in 150 cities and towns in 17 states.  www.piconetwork.org