It was a sad day for corporations in the financial, insurance, and real estate sector--like the U.S. Chamber of Commerce & the Financial Services Roundtable--who spent a combined total of $321 million lobbying against federal reforms such as limits on bonuses and the creation of the Consumer Financial Protection Agency (CFPA). These groups were concerned that oversight legislation to help rein in greed on Wall Street might actually....rein in greed on Wall Street. "We remain concerned that this legislation will have significant and harmful unintended consequences for consumers, businesses, and the overall economy," the groups wrote in a letter to House members last week.

Thankfully, the House Financial Services Committee didn't feel nearly as sympathetic towards the creators of unfair financial products that scam consumers and taxpayers as they feel for themselves. A recent poll found that nearly 75 percent of Americans believe that the greed and risky decisions of banks and financial companies led to our financial crisis--and our lawmakers agree. Yesterday, the House voted 39 to 29 to move forward with the creation of the Consumer Financial Protection Agency, to help put a stop to the dangerous and deceptive products and practices that got us into this mess. The House Financial Services Committee also approved legislation that would impose new rules for credit cards by Dec. 1, moving up the date from mid-February. Democratic supporters said moving up the date was necessary because lenders were using the grace period to hike interest rates.

The American Bankers Association joined the Chamber of Commerce in expressing their disapproval for the legislation, saying it would continue to try to make its case against the agency as the legislation moves to the House floor in coming weeks and, eventually, to the Senate. "We still have major concerns with some principal areas" including "the very broad, ill-defined authority that is granted to this new agency that could be used to justify essentially any regulatory action," said Floyd Stoner, ABA vice president for congressional relations.

Creating the CFPA as part of Obama's broader plan to clamp down on Wall Street is an important step towards preventing much of the reckless lending that contributed to last year's near-collapse of the market. "It's been a year since the financial world collapsed and it is now clear that the greed and excess of big banks, the U.S. Chamber of Commerce and their allies could have and should have been prevented," said SEIU's Anna Burger. "Chairman Frank and the Financial Services Committee stood up on behalf of American families by passing legislation to create a strong Consumer Financial Protection Agency--and to prevent business as usual to continue."

According to a recent poll, nearly 75 percent of Americans believe that the greed and risky decisions of banks and financial companies led to our financial crisis.And there's much more to be done. We believe that to be successful, the CFPA must be strengthened to include:

• oversight of auto dealers who receive lucrative compensation in financing auto loans;
• the authority to examine the books of all financial institutions, no matter what size, without cumbersome barriers;
• fixes to the current compensation system which pressures and incentivizes workers to push and sell bad and unneeded products to consumers as a condition of employment; and
• the full authority to stop the sale of credit-related insurance policies that are virtually worthless.

That's why when the American Bankers Association meets in Chicago next week, more than 5,000 taxpayers from 20 states will be there to demand an end to Wall Street's appetite for greed.

Yesterday, the Senate Finance Committee voted down the public option amendments introduced by Senators Rockefeller and Schumer. Sen. Schumer's public option amendment picked up moderate Democratic votes by Sen. Carper (D-DE) and Sen. Nelson (D-FL) - both of whom received hundreds of phone calls from people across the country in support of a public option.

The media is desperate for a story here - they're sniffing around for a new angle. Back in August, Republican opponents were declaring the public option dead. Health care reform, itself, seemed increasingly unlikely of passage. Well, no more. The public option has momentum, and despite dire predictions from the right, it's on the move. Thanks to your phone calls yesterday, we picked up two additional votes in the Senate's most conservative committee.

Sen. Schumer appeared on MSNBC's Hardball yesterday to discuss the vote:

Sen. Schumer is clear: if we keep this up, we are going to see a public option.Your phone calls gave voice to the two-thirds of Americans who support the public option. And because of your calls, we're winning.

Unfortunately, some Senators didn't listen. While we expected this move from the Republican faction, we are disappointed by some of the Democratic votes. Statements in support of increased competition and choice for American consumers directly conflict with votes against the Schumer amendment. Still, the majority of Democrats voted in support of giving consumers the choice of a public plan. Thanks to Senators Rockefeller, Bingaman, Kerry, Wyden, Schumer, Stabenow, Cantwell, Nelson, Menendez and Carper, all of whom represented their constituents yesterday - not insurance company interests.

In the next couple months, each member of Congress will have the opportunity to vote for the public option. While the various health care bills make their way through Congress, we must continue relating our personal stories to Senate and Congressional staff, writing letters to our local newspapers, talking to our neighbors and demonstrating why Americans need an affordable, competitive choice when buying health insurance.

UPDATE, 1:00 p.m.: Anna has given her testimony before the Committee -- stay tuned for video of that testimony.

SEIU International Secretary-Treasurer Anna Burger will testify before the House Financial Services Committee this morning at a hearing on the Consumer Financial Protection Agency. You can watch the hearing "Perspectives on the Consumer Financial Protection Agency" online now here.

Others giving testimony today along with Anna include:

• Mr. Hilary O. Shelton, President of the Center for Responsible Lending
  
• Mr. Michael Calhoun, President and Chief Operating Officer, Center for Responsible Lending 
  
• Mr. David C. John, Senior Research Fellow, Thomas A. Roe Institute for Economic Policy Studies, The Heritage Foundation
  
• Ms. Janis Bowdler, Senior Policy Analyst, National Council of La Raza
  
• Mr. R. Michael S. Menzies, Sr., President and Chief Executive Officer, Easton Bank and Trust Co. on behalf of the Independent Community Bankers of America
  
• Mr. Andrew J. Pincus, Partner, Mayer Brown LLP on behalf of the U.S. Chamber of Commerce
  
• Mr. Edward L. Yingling, President and Chief Executive Officer, American Bankers Association
  
• Mr. Bill Himpler, Executive Vice President, American Financial Services Association

Anna's remarks to the Committee after the break. Watch here--Anna should be speaking shortly before 11:00 a.m.

Delay, delay, delay.

It's all the U.S. Chamber of Commerce seems to want these days.

Congress is reportedly delaying action on President Obama's consumer protection reforms. Why? Because the U.S. Chamber and big bank lobbyists complained for a delay.

More than 10,000 of you already took an important first step for financial reform by signing a petition for protecting bank workers. Thank you so much for your support.

But when it comes to fixing our economy, Congress needs to know it must not buckle under the pressure of the U.S. Chamber and big banks.

Click here to fax your Representatives and tell them the U.S. Chamber and big banks shouldn't set the agenda on financial reform.

On every major initiative to help restore our economy - from healthcare to financial reform to the Employee Free Choice Act - banks and corporations have the same mantra: we need to wait, now's not the time, action now will hurt the economy.

But if not now, when? Our states and families are facing record financial misery. We need action sooner, not later.

Big banks and CEOs didn't mind quick action from Congress when they were begging for billion dollar bailouts. Now that they're flush with cash they want to stifle recovery for the rest of us and hang on to the same reckless business practices that toppled our economy in the first place.

Fax your representatives now and tell them the U.S. Chamber's calls for delay aren't what consumers need.

It's past time for the U.S. Chamber and big banks to stop thinking about their next bonus or the latest and greatest way to scam consumers and taxpayers.

We need action on financial reform, and we need it now.

Unfair financial products--like "exploding" mortgages with skyrocketing interest rates, and credit cards with incomprehensible and unfair terms and fees --are a big part of what caused the economic meltdown. And thanks to Wall Street's greed, millions of Americans have lost their homes, their jobs, and their retirement savings.

Thankfully, there's a proposal in Congress for a strong, new agency - one that's accountable to the public, and not to the big banks - that will put in place some common-sense rules to protect consumers and balance the financial playing field.

Creating a strong Consumer Financial Protection Agency is the next step toward stopping the dangerous and deceptive products and practices that got us into this mess. In the same way that we keep stores from selling exploding toasters, this agency will have the power to keep lenders from offering "exploding" loans.

Congress has already held a first hearing on the new agency, and it is on the agenda now. It is also already on Wall Street's agenda to stop it. Can you call your member of Congress right now and ask them to support the new consumer financial protection agency?

Wall Street and the Big Banks are already gearing up to stop this bill--promising to spend hundreds of millions of dollars doing it. They've even gone so far as to start a campaign said to protect against "populist overreaction." And this after they took billions of dollars of our money in bailouts.

We have to make sure our representatives hear from us, and not just the big banks' lobbyists.

Click here to place a free phone call to Congress.

To learn more about these reforms, watch President Obama's weekly address about the need for strong consumer protections:

The reports are damning.

For the first time, Bank of America workers are speaking out about how the bank's practices hurt costumers and employees.

According to the Associated Press, Bank of America "encouraged" its employees to "burden consumers with debt and enroll them in high-fee programs." Fed up with these unsavory practices, Bank of America workers are speaking out.

Sign our petition in support of protections for bank employees. We'll deliver your petition directly to Members of Congress working on financial reform.

Click here: http://action.seiu.org/bankworkers

What kind of pressure to sell products are employees under at banks like Bank of America? Here's what one former Bank of America employee said:

"From sun up until sun down, six days a week, I was under constant pressure to push products that were usually bad for consumers and were--in my opinion--unethical," said Gabby Ornelas, a former Bank of America Personal Banker from the Washington, DC area.

This is the other, hidden side of the financial crisis: bank employees had no choice but to push products that ended up hurting their customers.

Bank workers say they are routinely encouraged to push products on consumers that maximize fees, raise interest rates, and max out credit cards in order to meet ludicrously high sales goals. Worse, employees report they're told to target students, the elderly, and non-English speakers who are the most at-risk to end up paying huge fees.

Here's what the Los Angeles Times reported yesterday about what Bank of America workers are saying:

The former workers said they were going public to lay out what they saw as a little-known side of BofA's business model: encouraging working-class customers to sign up for high-interest-rate credit and cash advance services and structuring an array of check and debit card services to maximize overdraft fees and other charges.

Bank workers need our help to continue to speak out.

So what can you do?

Congress will soon debate financial reforms to protect consumers - we need to make sure that those reforms also protect employees that sell the banks' products. In addition to giving bank workers a voice at work with legislation like the Employee Free Choice Act, new financial reforms need to protect both consumers from bad products, and employees who blow the whistle on bad practices at banks.

Sign the petition to make sure real financial reform protects both consumers and bank employees from big banks' anti-consumer practices. We'll deliver this directly to Members of Congress working on financial reform.

And if you're a Bank of America employee, please go to LetsTalkBanks.com and share your story about practices you see at work.

Today, Rep. Keith Ellison (D-MN), the National Association of Consumer Advocates (NACA) and the U.S. Public Interest Research Group (U.S. PIRG) will join Bank of America workers to speak out against predatory sales practices and a failed banking model and call for reforms that protect frontline bank workers and consumers.

Bank workers have had enough with the unrealistic sales decisions made at the top that hurt customers. But without a voice on the job and strong whistleblower protections, bank workers are unable to speak out publicly about being forced to push harmful products that lead to increased fees and financial traps for customers.

A story today in the AP quotes Stephen Lerner, who runs SEIU's financial reform project:

"One of the core parts of the economic collapse is a business model that encourages too much risk or short-term profit over long-term stability."

Lerner said employees under pressure to sell high-fee products ended up targeting vulnerable populations, including students and the elderly.

Stay tuned for how the call went later today.

Ahead of Bank of America CEO Ken Lewis' testimony before the House Committee on Oversight and Government Reform, we put together the top ten questions that employees, consumers, taxpayers and shareholders would like reporters and legislators to ask Ken Lewis.

"SEIU hopes members of the Committee are as tough on Ken Lewis as we would be if we could get him under oath and the bright lights," said SEIU Secretary-Treasurer Anna Burger.

Here are the top 10 questions to ask Bank of America CEO Ken Lewis:

1. How can you commit to pay for former Countrywide CEO Angelo Mozilo's legal defense--"a million a month" according to Bloomberg--while Bank of America announced layoffs for 35,000 employees and refuses cost-of-living raises for its lowest-wage workers?


2. Why do you nickel and dime your lowest paid workers (tellers earn $10.50/hour without access to affordable health insurance) at the same time you shower lavish perks and deals for executives and traders?


3. As Bank of America employees speak out about unpaid overtime and a predatory sales culture, what do you plan to do to improve employment practices?


4. 4. Given dismal economic performance, low-staff morale, and a core business model of pushing debt on consumers, what has Bank of America done to meet its stated goal of being "the world's most admired company?"


5. After reportedly receiving tax breaks, and more than $195 billion in bailouts, government guarantees, and taxpayer-funded healthcare for its workers, what is Bank of America's plan to reduce its dependence on the U.S. taxpayer?


6. After being bailed out by hard-working taxpayers facing the toughest economic times since the Great Depression, do you think it's right for Bank of America to lobby against laws that would helps working families--like the Employee Free Choice Act, healthcare reform, and credit card reform?


7. As you argue against any laws that would create greater transparency in the industry, could you tell us what other calamities on your books you are hiding? First it was the Merrill Lynch deal--what's the next shoe to drop?


8. During your time as CEO, at what point did cutting costs and gouging customers with unnecessary products and skyrocketing fees become more important than customer satisfaction?


9. At a time when people are struggling, have you considered lowering banking and overdraft fees that are already higher than many other non-bailed-out banks?


10. Why do you create incentives for Bank of America employees to push further debt on customers?

"Now, Bank of America workers have started speaking out and demanding change. Enough is enough. It's time for Bank of America and Ken Lewis to do what's right and spell out steps to become a partner for America's families instead of a toxic asset."

Today, SEIU President Andy Stern joined with a panel of health care advocates, insurance industry reps and other stakeholders at Sen. Baucus' second roundtable on health reform--the topic, reforming health care coverage.

During the hearing, Sen. Chuck Schumer, who's been tasked with leading the Committee's work on a public health insurance plan, played a dramatic counterweight to insurance industry representatives. (And this comes on the heels of an agreement by insurance companies to stop charging women higher premiums than men. Wonder if they're considering paying back women customers for the difference all these years?)

Schumer essentially dismantled arguments against the public health insurance plan, challenging folks squarely on the issue of transparency and competition. Ezra Klein sums up Schumer's points nicely:

Schumer went on to argue that opposition to the public plan is predicated on a high-functioning insurance market that doesn't now, and hasn't ever, existed. Private insurers, Schumer exclaimed, can't even tell you what a given treatment costs. They won't release their data on either quality or prices. This is not an elegant market that should be protected from further competitive pressures. This is a mess in desperate need of new players with new incentives. "To not have a public plan and let it compete the way [Senator Baucus] outlines in his white paper is, in my view, closeminded," said Schumer. Then he paused, and smiled, looking out over a crowd think with industry representatives. "In my view," he continued, "it may even be a little self-interested."

Schumer went on, "The bottom line is you need somebody who is not a private insurance company to be in the mix and there are many of us who feel very strongly about that... It would be giving all of you in the insurance industry an unfair advantage not to have a public plan."

SEIU President Andy Stern hammered home the fact that--despite insurance industry claims--consumers do not currently enjoy choice and competition. Stern spoke about the lack of "choice" for workers in Maine and New Hampshire, for example, who have higher costs than public workers in other states, but similar coverage.

From Andy's Twitter feed: "Senator Schumer aggressively fights for public plan. Go Chuck! Discussion on employer responsibility [sic] missing."

(And as President Stern alluded to in his tweet, stay tuned for SEIU's continuing work on shared employer responsibility. )