AARP Applauds Senate Passage of Financial Reform

Bill Will Protect Americans' Money and Help Stabilize Our Economy

AARP MARYLAND KEY VOTE NEWS ALERT

ATTENTION NEWS DESKS: AARP is recording House and Senate roll call votes on key issues throughout the 111th Congress, and informing its members and all Americans of the results of these key votes.

BALTIMORE, 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 voted on this legislation.

* How a legislator votes on issues is only one factor in evaluating his or her legislative performance, which should also include such things as constituency services and committee work.

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 crack down 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"Over the last three years, older Americans have lost billions of hard earned dollars due to the failure of an outdated and compromised financial regulatory system," said AARP Maryland senior state director Rawle Andrews. "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 Cardin and Mikulski sided with consumers when they cast their votes for this bill. AARP polling demonstrates that Americans age 50-plus, regardless of party affiliation, want Congress to hold financial institutions accountable," said Andrews. "This legislation takes important steps to ensure consumers know what they're buying and where to find help if they get scammed."

AARP notified the 111th 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," said Andrews.

AARP's Government Watch is a one-stop online portal that will be tracking and publicizing every designated key vote on issues facing Americans age 50-plus. A "Key Vote Summary" highlighting votes on these issues will be published at the end of each congressional session.

About AARP

AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 35.1 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA su Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

SOURCE AARP Maryland