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Statement by CU on President-elect Obama’s economic team

Monday, November 24, 2008

Statement by Consumers Union on President-elect Obama’s Economic Team

WASHINGTON, D.C. – Gail Hillebrand, director of Consumers Union’s financial services campaign, made the following statement today in response to President-elect Obama’s announcement of his economic team:
“This is a seasoned, experienced team, and their plans offer some hope that they will act quickly to get to the heart of our financial crisis.
“Treasury Secretary-designee Geithner and the other members of President-elect Obama’s economic team need to push for a broad loan modification program to stop preventable foreclosures, advocate strong new credit reforms, and develop more effective oversight of the financial system.
“They should also require that every financial institution that receives government money or guarantees treats consumers fairly. In light of the $300 billion guarantee announced today for Citi, this is especially relevant. If the banks want the taxpayers to bail them out, they should abandon unfair credit practices, or be forced to do so by government.”
A more detailed description of the reforms supported by Consumers Union can be found at: http://www.consumersunion.org/pub/core_financial_services/006328.html
Gail Hillebrand – 415-431-6747
Pam Banks – 202-462-6262

Consumers Union, publisher of Consumer Reports, is an independent, nonprofit testing and information organization serving the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.