A Strong Dose of Mo Needed
August 23rd, 2013
Five years after the near meltdown of the global financial system, federal regulators are still struggling to institute reforms, and build in protections for the millions of ordinary consumers exposed to risk due to a lack of regulation. They are up against the banks and other financial firms, which have spent billions on lobbying against the proposed regulations.
In this recent blogpost, Fr. Seamus Finn, OMI calls on everyone to remember how close the global system came to utter disaster, and how much the lives of ordinary people were turned upside down.
He argues, “We need to get the rules and regulations that respond to real needs and to the needs of communities across the country. The social purpose of the financial system and the institutions that operate in that space must be given priority over quarterly profit goals and expectations.”
“This would be a good time for all banks and their trade associations to work more constructively with regulators to keep the momentum going in the right direction, to restore confidence and rebuild trust.”
Follow Rev. Seamus P. Finn, OMI on Twitter: www.twitter.com/SeamusPFinn