Civil Rights Community Vows to Keep Fighting for Financial Reform after Opponents Block Senate Debate

Civil rights leaders vowed Monday evening to continue fighting for legislation that would reform the nation’s financial system after GOP opponents of reform voted in lockstep to keep the Senate from debating the bill.

“Sadly, for the American public, the opponents of reform chose to side with the Big Banks and block the debate tonight,” said Nancy Zirkin, executive vice president of The Leadership Conference. “Unfortunately for the bankers and their proxy voters in the Senate, this will not be the end of this issue.”

A recent Pew poll found broad support for financial reform legislation, yet stiff opposition to the bill from Wall Street has slowed Congressional action.

“Eight million Americans lost their jobs because of the recession caused largely by the reckless behavior of the Big Banks. Over a year and half later, instead of allowing a debate on the financial reform legislation that will help rein in Wall Street and protect consumers, this evening Republicans decided to march in lock-step in defense of the big banks,” said Heather Booth, director of Americans for Financial Reform, a broad coalition of civil rights and consumer advocates that includes The Leadership Conference.

A key provision of the bill supported by the civil rights community would create a new Consumer Financial Protection Bureau with broad regulatory powers to protect consumers from abusive lending practices that contributed to the current economic meltdown.  The bureau would include a civil rights office focused exclusively on fighting discriminatory lending.

“Joining with AFR, the civil rights community will continue to work to ensure that the will of the people is not defeated by corporate lobbyists and campaign contributions. We will continue to work for the interests of Main Street and working families until President Obama signs real financial reform into law,” said Zirkin.