As Congress returns from recess and gets back to work to pass legislation to bring access to quality, affordable healthcare to everyone, the U.S. Chamber of Commerce is wasting no time working hard to hang onto the same reckless business practices that got us in this hot financial mess in the first place. The Chamber is launching a new $2 million ad campaign attacking the Consumer Financial Protection Agency. From the Wall Street Journal:
The Chamber's goal is twofold: move the spotlight off the unpopular commercial banks and mortgage lenders that are the target of the legislation and muster a roster of more sympathetic opponents.[...] The business lobby intends to expand its campaign to include nationwide TV and radio ads later this month. Its lobbying push could feature other small-business owners, such as accountants, landlords and event planners.
The Chamber's first ad--running in Washington-area newspapers--could actually almost be a warning ad for what could happen if we don't find a way to increase real consumer protections to Americans and businesses alike. The print ad, which will run first in Washington-area newspapers, has a picture of a butcher with the line: "Virtually every business that extends credit to American consumers would be affected -- even the local butcher and the credit he extends to his customers."
The Chamber's claim that they are opposing this legislation primarily out of concern for the interests of small businesses is not very convincing. Our first clue? They admit that the whole point of the ads is to draw attention away from the banks and mortgage lenders and the dangerous and deceptive products and practices they've been driving, at which the CFPA legislation takes aim. But even a quick examination of their legislative record shows them opposing bill after bill that may help small businesses--and consistently siding with big corporations. Resorting to these kinds of right-wing scare tactics is nothing new for the Chamber; their history of using misinformation to bolster campaigns against pro-worker policies speaks for itself.
Kirstin Brost, a spokeswoman for Senate Banking Committee Chairman Chris Dodd, said the business community is wasting money with this anti-worker campaign attacking the Consumer Financial Protection Agency. "The public doesn't believe that there was too much consumer protection," said Brost.
Experience has taught us that allowing financial firms to abuse consumers is bad for our overall financial system health...and that's putting it lightly. This abuse has lead directly to the current crisis that resulted the loss of millions in jobs and in millions of Americans losing their homes, their jobs, and their retirement savings. Not to mention a pervasive mistrust by consumers in our country's financial systems. The current regulatory framework simply doesn't provide adequate protection to consumers--and we need to put a stop to the new, risky financial products that banks continue to push out, even now.
The truth is now that the Chamber and big banks and corporations they represent are once again flush with cash (mostly thanks to taxpayer bailouts), they're back to doing everything they can to continue the egregious, reckless business practices in the consumer lending market that allowed them to make money then move on.The Chamber of Commerce should represent the interests of American business -- not just the interests of a few of its big donors. Don't let the U.S. Chamber set the agenda on financial reform.
Update: Read SEIU Secretary-Treasurer Anna Burger's piece looking at the role the Chamber of Commerce has played in the financial breakdown, posted on the SEIU Blog & Huffington Post.
