Maine Organizations Thank Senators Snowe and Collins for Their Support of Financial Reform Bill

Legislation passed today by the Senate now goes to President Obama for his signature
Augusta, Maine (Thursday, July 15, 2010)—The Maine Center for Economic Policy (MECEP), Maine Equal Justice Partners, Maine Women’s Lobby, Maine People’s Alliance, Maine AFL-CIO and Coastal Enterprises, Inc. today thanked Maine Senators Olympia Snowe and Susan Collins for their support and leadership in the effort to pass the Restoring American Financial Stability Act, comprehensive financial reform legislation.  The Senate today gave final approval to the bill which now goes to President Barack Obama for his signature. 

“This legislation is an historic achievement for Congress to restore discipline and stability to the country’s financial system,” the groups said in letters sent today to both Senators.  “Like you, we believe that financial reform will help avoid future financial catastrophes such as the one that derailed our economy, inflicting hardship on many Maine families and businesses.”

“The final bill will also protect Maine consumers from predatory lending practices,” the letters add.  “Since the collapse of the financial market, an overwhelming majority of Mainers have voiced their demand for stronger consumer protection from harmful business practices.”

The groups singled out each Senator for her leadership on specific provisions in the final bill.

“We appreciate your hard work in protecting small businesses and ensuring their access to capital,” the groups wrote to Senator Snowe.  “Ultimately, financial reform will help maintain a fair and healthy credit market for small businesses in Maine.”

“We appreciate your hard work in strengthening the capital requirements for large financial institutions,” the groups said in their letter to Senator Collins.  “By keeping the banking system on a sounder footing, financial reform will ensure a fair and healthy credit market for small businesses in Maine.” 

The organizations also expressed its appreciation to Maine Congressman Mike Michaud and Congresswoman Chellie Pingree for their efforts on the bill which passed the House of Representatives earlier this year.