I just took action to create some rules of the road for the confusing financial products that helped sink our economy, like deceptive, adjustable rate mortgages designed to fail. Our laws ensure automobiles are safe, toys aren't dangerous. But when it comes to financial products -- home mortgages, credit cards and payday loans -- it's the Wild, Wild West, and there's no sheriff in town looking out for consumers.
It's time to put some tough new rules on those selling financial products, and prosecute those who violate the law. A new bill would do just that, creating a Consumer Financial Protection Agency to make sure consumers are protected, and crooks are sent to jail.
Of course the financial institutions don't want any new rules. They claim things are just fine the way they are, which is exactly how we got in this economic mess in the first place. Please join me in emailing your members of Congress in support of this bill. To send a message go to Consumers Union's new money site, DefendYourDollars.org or you can go directly to the action here:
http://cu.convio.net/FinancialAbuse
Thank you!
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