As Congress and President Bush rushed to pass legislation to bail out Wall Street last fall, Ed Mierzwinski, a senior fellow in Ohio PIRG’s Washington, D.C., office, warned that the law didn’t do enough to hold banks accountable or protect the interests of most Americans.
“The hastily developed law gave unprecedented spending authority to a single individual in the administration, but it lacked basic protections for taxpayers and assistance to homeowners,” said Mierzwinski.
For example, in December, the government invested $20 billion in Citigroup and backed more than $300 billion worth of the company’s loans and securities.
“It’s sweet for Citigroup,” said Mierzwinski, in a story posted on TheHill.com, “[but] I don’t see the taxpayers getting the benefits they need. ”
Ohio PIRG and other state PIRGs are backing a detailed set of reforms to re-regulate Wall Street, protect taxpayers, and hold the financial industry accountable.
For more details, visit Ohio PIRG's “Wall Street Oversight” page.