Take Action NOW to pass the Consumer Protection Act!

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The House of Representatives passed the final version of the Dodd-Frank Wall Street Reform and Consumer Protection Act on June 30. (See how your Representative voted here.)

Next up, the Senate will have an all-important procedural vote on the bill tomorrow, July 15. This is the last major hurdle to seeing financial reform! To get through it, we need 60 Senators to vote "YES."

The bill is a major advance over the status quo. Despite the millions of dollars the banks spent to weaken it, and despite the thousands of lobbyists on their payroll, it represents a huge step in the right direction for folks on Main Street. If the Senate rejects it, we're left with no changes for the foreseeable future.

To be clear, even if the bill passes there is more work to be done to rein in the big banks. We'll keep pressuring our lawmakers to break up the mega banks, more clearly separate risky speculation from commercial banks in support of businesses and ownership, and enact further measures to make Wall Street accountable and transparent. We'll keep fighting for a response to the foreclosure crisis. And, we'll keep a close eye on how the bill is implemented, especially as the Consumer Financial Protection Bureau is formed and begins writing regulations.

Click here to send your Senators a message urging them to vote "YES" on financial reform.

Here's what a "NO" vote would mean:

  • No Consumer Financial Protection Bureau. Lenders will continue to issue predatory and abusive loans just like they have been, no matter how disastrous this has proven for individuals and the entire economy.
  • No new rules for Wall Street. Big Wall Street banks will keep gambling in the dark, knowing that our taxpayer money will bail them out when their bets go bad.
  • No changes to create financial stability. The same dangerous financial system which led to the collapse of 2008 will remain in place.

A "NO" vote is a vote for Wall Street and the status quo. We can't let that happen - there's simply too much at stake.

Click to send your Senators a note urging them to vote "YES" on financial reform.

It all comes down to this. Send your Senators a message, call them toll-free at 866-544-7573, and pass this message on to your friends and family.