The banks love fine print and loopholes. We need to make sure the loopholes are closed and taxpayers, investors and consumer are protected by Wall Street reform. The Senate is preparing to vote on oversight of the banks and Wall Street. I just sent my Senators a quick, strong message and I hope you will to. Just go to www.DefendYourDollars.org.
This is the letter that Defend Your Dollar suggests you send to your U.S. Senators.
End “too big to fail”: In 1995, the assets of the six largest banks were equivalent to 17 percent of the US economy (GDP); now they amount to 63 percent of GDP. No wonder the mega-banks can shakedown the taxpayer with threats of economic collapse! The Brown/Kaufman amendment would finally limit the size of the biggest financial institutions so we never again have to worry that if one of them fails it will bring down the economy. Vote YES for Brown/Kaufman.
No loopholes for auto loans: Auto dealers who make car loans should be held to the same standards of fairness and transparency as banks. When I buy a car and the dealer helps me get a loan, I should get exactly the loan I bargained for, with no unexpected “extras” or surprise conditions.
Strongly protect consumers: An independent pro-consumer watchdog must be created so when new problems with deceptive financial products are spotted, they can act quickly to stop them. Vote YES for the strongest, most independent consumer watchdog you can.
End “keep the fee, pass the risk”: Making bad loans was good for brokers, lenders, and Wall Street because everyone got a fee on the deal while passing the risk of nonpayment on to the next person in the chain. The Senate bill requires that every entity that securitizes loans keep a material portion of the risk. That means everyone will think twice before making a bad loan–and taxpayers won’t be cleaning up the mess.
If it’s not a bank, it can still tank the economy: Some of the biggest firms that threatened our economy were not banks, but other kinds of financial companies held to lower standards. This bill allows a panel of bankruptcy judges to appoint the FDIC as the receiver of important non-bank financial companies or bank holding companies when they are at risk of failing. The FDIC can fire management, and creditors and shareholders of the failed company will bear the losses not taxpayers.
End the hidden gambling: Require hedge funds to register and to disclose their trading activities, bring sunshine and oversight to the largely secretive derivatives market, and stop banks from gambling on derivatives.
Let states protect us: States should have the right to do more than what the Federal government says to protect residents from emerging financial schemes.
Coast Contact 
BREAKING NEWS – Finance Reform will Ignore Hedge Funds – Concentrate Instead on Hedge Trimmers. An exclusive from SPN Headlines:
http://spnheadlines.blogspot.com/2010/05/dodd-new-reform-law-will-regulate-hedge.html
Keep smiling! 🙂
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