Activists today delivered a letter signed by more than 200 constituents urging Rep. Suzanne Kosmas to stand up to special interest lobbyists by supporting strong, comprehensive financial reform. Kosmas sits on the influential House Financial Services Committee, and has received tens of thousands of dollars from bailed-out big banks and predatory lenders working to undermine reforms that are critical to preventing another financial crisis.
Headlining this petition delivery was William Moore of Orlando, one of thousands of Floridians victimized by predatory lenders. Here's what he said:
It's pretty clear that rooting out the greed on Wall Street will be the key to any sustained economic recovery on Main Street. How many more families will have to lose their homes before Congress enacts meaningful reform?
Floridians are suffering from some of the highest unemployment and foreclosure rates in the country and like all Americans are grappling with skyrocketing bank and credit card fees and vanishing pensions and 401(k)s. Meanwhile, after taking $17.8 trillion in taxpayer bailouts and backstops, the American Bankers Association (ABA) and the six largest banks are on pace to pay out a record $149 billion in bonuses and compensation this year. They posted nearly $30 billion in profits in the first half of 2009, by raising fees and interest rates and making more risky bets with taxpayer dollars.
Furthermore, big banks and other financial services companies have spent more than $35 million fighting Congressional action on financial reform. According to the Orlando Sentinel, Rep. Kosmas received more than $20,000 last fundraising quarter alone from banks and allied special interests. This "coincidence" didn't slip by Moore:
Earlier this month Suzanne Kosmas abandoned thousands of uninsured voters in her district by voting against health care reform. When it comes to financial reform we must send a powerful message to Rep. Kosmas that she is beholden to her constituents, not special interest lobbyists that are funding her next political campaign.