Tell the FDIC to rein in Banks' reckless behavior

From Americans for Fairness in Lending

We know that the greedy, reckless behavior of banks and Wall Street titans created an economic meltdown that has cost millions of American jobs and trillions of dollars in lost wealth. Wall Street bankers continue to gamble with our money, reward themselves with huge bonuses when they win, and take billions in taxpayer bailouts when they lose. The system is rigged: heads they win, tails we lose.The FDIC wants to help change this. But they need to hear from us.

A while back, AFFIL members flooded the Federal Reserve Board with comments about why credit cards needed to be reformed. Together with other activists we generated over 60,000 comments -- and the Fed issued new rules. Later, Congress followed suit and passed the Credit CARD Act which will go into effect this Monday.

Now, we can send the same strong message by sending comments to another government agency, the FDIC. The FDIC---which insures bank deposits---is trying to do something about reckless Wall Street gambling.

The FDIC wants banks that hand out big bonuses for risky behavior to pay higher insurance premiums. Just as a reckless driver pays more for auto insurance, these banks would pay more if they insist on rewarding recklessness. It's only common sense.

The FDIC is taking public comments on the proposed new rule - but the deadline to submit a comment is today, February 18. And banks are pushing hard against it. Many of the comments so far are from bankers. The FDIC needs to hear from regular Americans who got stuck with the bill when these bankers wrecked the economy. Can you let the FDIC know you support the new rule by submitting a comment?

The FDIC takes these public comments very seriously, but usually only receives them from industry insiders. But this is a rule that would affect all of us. The FDIC needs to know that regular folks are watching and that we want accountability for the risky behavior that cost taxpayers billions of dollars.

Go to Americans for Fairness in Lending to have your voice heard