AARP Applauds Senate Passage of Financial Reform

News provided by

Jul 15, 2010, 05:04 ET

Bill Will Protect Americans' Money and Help Stabilize Our Economy

SPRINGFIELD, Ill., July 15 /PRNewswire-USNewswire/ -- The U.S. Senate today passed the "Dodd-Frank Wall Street Reform and Consumer Protection Act" that will protect consumers from hidden fees and investment scams and require the financial industry to provide clear information so consumers can make the best financial decisions for their families. The bill will now be signed by President Obama.

AARP sent a letter to each Senate office advising them that the Association designated today's vote as an "AARP Key Vote." AARP will inform members and the public of how their Senator votes on this legislation.

ILLINOIS	VOTED YES ON FINANCIAL REFORM
Burris, Roland W.	X
Durbin, Richard J.	X

AARP supports this legislation because it will establish a watchdog that will protect Americans from getting a mortgage or credit card that has hidden fees that cause their bills to skyrocket; ensure Americans get the clear, accurate information they need to shop for mortgages, credit cards and other financial products; and crackdown on investment scams targeted at older Americans.

"Over the last three years, older Americans have lost billions of hard earned dollars due to the failure of an outdated and compromised financial regulatory system," said AARP Illinois Senior State Director, Bob Gallo. "The failures that led to this crisis require bold action to restore responsibility, accountability and consumer confidence in our financial system, and this bill will protect Americans' money and help stabilize our entire economy."

"We are extremely pleased that Senators Burris and Durbin sided with consumers when they cast their votes for this bill. AARP polling demonstrates that Americans age 50+, regardless of party affiliation, want Congress to hold financial institutions accountable," Gallo added.

AARP notified the 111^th Congress that it was tracking roll call votes on key legislation important to its members and all Americans and reporting the outcomes of these votes back to the public.

AARP members and all older Americans can see how their representatives voted on financial reform by going to www.aarp.org/governmentwatch.

SOURCE AARP Illinois