ConsumerWatchdog.org

Today, Congress and lobbyists are listening to Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke tell them that they must devise a $700 billion bailout plan immediately. Two kinds of people are represented in that room: Wall Street speculators whose greed-driven schemes have jeopardized the economic stability of our nation, and public officials who should have done something to prevent this economic situation. Americans will be on the outside.

Consumer Watchdog says enough! We're launching a campaign, along with Public Citizen, to put consumers first in any financial bailout plan. We're mobilizing millions of Americans, and we need your support to make our voices heard in the halls of power!

Please send your congressional representatives the free message below, and encourage your friends and colleagues to join the fight!

 
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Message:

Subject: Congress Must Put The Public's Interest First In A Finanical Bailout

Dear Decision Maker:

As your constituent, I believe Congress must slow down, proceed carefully and incorporate consumer safeguards in any financial bailout plan, including a cap on credit card and mortgage interest rates, public equity in firms receiving bailout funds, and rules that would prevent lobbyists and firms from cashing in on the massive taxpayer handout. Consumer Watchdog and Public Citizen released a consumer agenda for Congress to consider as it debates a bailout plan worth $700 billion, a hastily reached, arbitrary amount since it is unknown how much the assets of the failing financial institutions are actually worth. Never before has Congress considered such a large expenditure with such little discussion or specifics. The groups' recommendations call for increased regulation of financial institutions and strict accountability for the firms that receive bailout money. The recommendations include: * Ignoring Wall Street's effort to panic Congress into hasty passage of bailout legislation. To protect America, Congress must do its job and carefully consider legislation that will not only restore the economy but prevent a future debacle. Congress should not rush a plan through so that members can adjourn to their election campaigns. * Capping interest rates on credit cards and mortgage rates at 5.25 percent, based on the Federal Reserves Discount Window lending rate, which is presently 2.25 percent. Taxpayers shouldn't be charged exorbitant interest rates to borrow their own money. * Giving government an ownership stake in bailed out firms, including a seat on the boards of directors of companies that take bailout money. * Creating a prohibition to prevent bailout recipients from lobbying the government or receiving government contracts – such as to advise the government on bailouts – for at least five years. * Requiring strict oversight and new regulatory standards for the financial services industry, including greater transparency and new rules prohibiting the riskiest practices. I urge you to put America first as you consider a financial bailout, and take the time to think this plan through. This crisis is far too big, far too critical and far too fraught with unknowns to be addressed hastily. Congress should stay in town as long as necessary and do what they were elected to do, which is to represent the people who are paying their salaries and put measures in place to ensure that this never, ever happens again.

Sincerely, Your name Your street address City, State Zip

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