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The Journal - Franken Field Hearing Exposes Effects of Wall Street Meltdown in Minnesota

News Article

Date: June 5, 2010
Issues: Finance and Banking

By Journal Staff

Retirees, small business owners, firefighters and families testify about how they have been affected

U.S. Sen. Al Franken held a field hearing at the State Capitol to explore how Minnesota citizens and taxpayers continue to struggle because of Wall Street excesses and to discuss how Congress' legislation will protect Minnesotans and end taxpayer bailouts of Wall Street banks.

"Wall Street gambled with Minnesotans' life savings and lost," said Franken, D-Minn "There were human costs to Wall Street's excesses. Today is about exposing those costs and offering real relief. I've been hard at work to reform Wall Street and end the dishonest schemes that took down our economy in 2008. We must hold Wall Street accountable and protect Minnesota consumers. And we must make sure that taxpayers are never again on the hook for Wall Street's bad bets."

Taking credit cards causes small business owners to have higher costs and reduced profits, said Debbie Hart, owner, Art Works Art & Frame, of Excelsior. "It can cost me anywhere from several hundred dollars to one thousand dollars a month just to accept credit cards while it wouldn't cost me anything to accept checks
or cash."

Reckless behavior by big banks, mortgage lenders, and credit card companies have cost millions of older Americans their jobs, their retirement savings, and their-financial well being, said Michele Kimball, president of Minnesota AARP. "Americans -- whether they are Republicans, Democrats, or Independents -- want Congress to hold the financial industry accountable."

Franken heard testimony from Minnesota seniors, firefighters, small business owners, and families who were hurt by the Wall Street meltdown. He discussed Congress' current efforts to enact legislation to protect consumers in Minnesota and to end future taxpayer bailouts. The Senate version of the legislation contains Franken's amendment to end conflicts of interest with credit rating agencies.


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