Your complaints have been heard. On June 30, 2010, the House approved a bill to implement financial reform. The bill authorizes financial industry regulators to impose restrictions on large financial companies that are in trouble and will create a way for the government to liquidate failing companies that will be at no cost to taxpayers, which is very similar to the process the FDIC uses for liquidating banks that have failed.
Regulators would have more options to impose restrictions on the largest financial companies which could help smaller banks have more competitive advantages. The Senate will vote on the bill after the July 4th recess. If the bill is passed this will be a historic moment in the financial industry.
To ensure the Senate passes the bill contact your senators at www.senate.gov/general/contact_information/senators_cfm.cfm. You can also thank you your house of representatives for passing the bill at www.house.gov/.
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