FOR IMMEDIATE RELEASE
Thursday, December 10, 2009

CONTACT: Mike Gehrke, 202-721-6077

WASHINGTON, D.C. – With the U.S. House of Representatives expected to vote tomorrow on the proposed Consumer Financial Protection Agency Act (CFPA), Change to Win (CtW) challenged the motive and candor of the U.S. Chamber of Commerce and its multi-million campaign to defeat critical financial reforms.  In a letter to members of the House, CtW Executive Director Chris Chafe said the Chamber’s campaign has all the hallmarks of a pay-to-play scheme funded by Wall Street.

“The Chamber appears to be exaggerating the size of its membership, putting its policy positions up for sale to the highest bidder, and thereby providing cover for the giant financial services firms whose past recklessness Congress rightly seeks to reform through the CFPA and other measures,” said Chafe in the letter.

The Chamber’s top 50 contributors accounted for 47% of its total revenue in 2008. Although the Chamber does not disclose its membership, CtW identified Citigroup, Bank of America, JP Morgan, Morgan Stanley, PNC Financial Services and M&I Bank as members.  These firms originated subprime mortgages, issued toxic securities and are among the largest credit card issuers and the most aggressive in driving up interest rates, fees, and hidden charges.  They also received over $140 billion in taxpayer support through TARP.

CtW urged House members to call on the Chamber to reveal who is funding its campaign against the CFPA.  “Neither Congress nor the American public should have to accept the Chamber’s misleading and self-serving misrepresentations of its membership, their views, and its sources of support,” said Chafe.  “We deserve to know who is really bankrolling this effort to keep a broken status quo in place.”

Download CtW's letter in Adobe PDF format.

** Note: For additional information or comment please contact Mike Gehrke at mike.gehrke@changetowin.org.**

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About Change to Win
Change to Win is a 5.5-million member partnership of five unions founded in 2005 to represent workers in the industries and occupations of the 21st century economy. Change to Win is committed to restoring the American Dream for a new generation of workers – wages that can support a family, affordable health care, a secure retirement, and the opportunity for the future. The affiliated unions are: Service Employees International Union, United Food and Commercial Workers International Union, International Brotherhood of Teamsters, Laborers' International Union of North America, and United Farm Workers of America.