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Blog Post | Consumer Protection

House holds stacked hearing to attack retirement savings rule proposal | Ed Mierzwinski

The House Financial Services Committee is holding a typically stacked hearing -- one consumer-side witness against four Wall Street-backed lobbyists  -- to attack the important retirement savings rule proposed by the Department of Labor. The rule simply requires retirement advisors to put the customer's needs  -- not their own compensation -- first.

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Blog Post | Consumer Protection

Court Reinstates Case Against Bank That Aided Senior Citizen Fraud | Ed Mierzwinski

This week, the 3rd Circuit, U.S. Court of Appeals overturned a lower court decision that had denied class action status to victims of a scheme targeting senior citizens who were suing Zions Bank and its payment processor affiliates for aiding the fraudsters. U.S. regulators led by the Department of Justice have been fighting this and similar schemes, yet powerful special interests have managed to create a false narrative in Washington, DC that has been picked up by opponents of consumer protection laws. They falsely claim that the government's target is "legitimate" payday lenders and gun dealers. Wrong, the target is financial crimes against consumers, many consumers.

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Blog Post | Consumer Protection

IRS Admits Data Breach Worse Than Thought, Will Congress Do Wrong Thing Anyway? | Ed Mierzwinski

This week, the IRS has admitted that thieves accessed the personal information -- enough to allow them to take your tax refund -- of an additional 220,000 taxpayers, on top of the 114,000 reported in May. Meanwhile, we remain  concerned that Congress will use continued publicity about the Target breach and other breaches as an excuse to pass dangerous data security legislation. Dangerous? Yes, because it would only protect against limited financial identity theft harms, but eliminate stronger state protections against the harms posed by the IRS breach, the health insurance breaches and the OPM breach.

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Blog Post | Consumer Protection

House To Vote On Godzilla-Sized Rule Blocker, As Financial Committee Considers Smaller Rollbacks | Ed Mierzwinski

UPDATED: REINS Approved, near party line vote. Today, the House Financial Services Committee takes up a package of smaller rollback bills, many of which are opposed by Americans for Financial Reform and the PIRGs. Meanwhile, the House will bring up the Godzilla of all anti-health and safety bills, the REINS Act. Fortunately, the President has promised a veto.

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News Release | U.S. PIRG | Consumer Protection

Over 7,000 Comments Submitted to Department of Labor

Every year, over $17 billion is lost from retirement savings to fees and charges, according to the Council of Economic Advisors. Today, we submitted over 7,000 PIRG member comments urging the U.S. Department of Labor to finalize a strong rule requiring retirement advisors to put the interests of their customers first. We also submitted a detailed expert comment of our own in the important "conflicted advice" rulemaking.

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News Release | Florida PIRG | Transportation

Bush Approves Landmark Passenger Rail Investment

The Passenger Rail Investment and Improvement Act, which was supported by wide bipartisan majorities in the House and Senate,  authorizes close to $13 billion over five years to promote rail travel, relieve bottlenecks and begin investment in a new generation of high speed rail.

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News Release | Florida PIRG | Financial Reform

AG Announces Initiative to Clean Up Florida's Debt Relief Industry

Attorney General Bill McCollum today unveiled his office’s latest consumer protection initiative in the form of a coordinated enforcement effort targeting potentially improper tactics in Florida’s debt relief industry.

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News Release | Florida PIRG | Financial Reform

Statement of Florida PIRG's National Consumer Program Director Ed Mierzwinski on Final Passage of Wall Street Bailout Legislation Today

Florida PIRG is deeply disappointed that Congress punted on enacting critical protections for taxpayers and homeowners in the Wall Street bailout legislation passed today.

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News Release | Florida PIRG | Financial Reform

Statement: Defeat of Wall Street Bailout

Today the House of Representatives listened to concerned Main Street voters and taxpayers and defeated a defective Wall Street bailout.

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Media Hit | Democracy

Will aggressive registration bring young voters to polls?

Experts question whether voter registration efforts will translate into voters turning out at the polls. While turnout among voters ages 18 to 24 surged to the highest level in a decade in 2004, it still stayed below 50 percent.

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