Posted by CotoBlogzz
LOS ANGELES, CA - As a financial reform package advances in the Senate
and an unrelenting swarm of Wall Street lobbyists descends on Capitol
Hill to block it, Attorney General Edmund G. Brown Jr. today urged
senators to preserve a critical portion of the legislation which allows
states to join the fight against financial fraud on the front line.
At the same time, as a number of Attorneys General and Governors accross the country swarm to challenge the constitutionality of the ObamaCare Bill, Brown refuses to join mostly because doing so "politicizes" the issue.
Provisions of the Senate's current bill restore the authority of
attorneys general to prosecute financial crimes at the state level, a
move that would safeguard consumers, bolster federal oversight, and
halt reckless, quick-money schemes before they spiral into national
"Today, more than two years after the recession began, as thousands
more Americans lose their homes, jobs and savings, states remain
hamstrung in the fight against financial fraud. Even if a state
witnesses a crime on its own front porch, it has limited, if any,
authority to act," Brown said. "If Congress is committed to preventing
another downturn and enacting robust reform, it must preserve the
provisions in the current package that untie states' hands and allow us
to join the fight."
To press for these provisions, Brown sent letters today to Senators
Reid, McConnell, Dodd, Shelby, Feinstein and Boxer urging them to
uphold the role of the states in enforcing consumer protection laws.
This follows a letter Brown and 39 other state attorneys general sent
in November to members of Congress on the same issue.