WASHINGTON–(ENEWSPF)–June 25, 2010. AARP Executive Vice President Nancy LeaMond issued the following statement in response to the conference report on financial reform legislation announced this morning:
“AARP is pleased that members of Congress, on both sides of the aisle, have worked together to create more transparency and accountability for consumers and investors as they navigate the financial marketplace. This legislation will help ensure that consumers know what they are buying and that if scammed, they know where to turn for help.
“It will also put in place a consumer watchdog that will crack down on fraud and abuse and ensure consumers receive the information about financial products they need the most.
“Further, buying a home is a momentous and integral part of any person’s financial picture. New rules of the road will be established that help prevent consumers from buying a mortgage they can’t afford or being hit with hidden fees, and strengthen protections for reverse mortgages. Transparency and plain language bring consumers one step closer to fully realizing their dreams.
“Consumers can look forward to clear and defined regulations among stockbrokers and investment advisers in the near future, too. AARP has made clear that full transparency among not only financial products, but from the individuals who sell them or advise individuals on financial matters is imperative to investors making informed, sound decisions. No one should have any doubt that the person they are seeking advice from is doing anything but working in their best interest.
“AARP is pleased to see that House and Senate negotiators have further strengthened consumer and investor protections for millions of older Americans and their families throughout this process. We look forward to working with the House and Senate to pass the conference report.”
Recent AARP polling found strong support for financial reforms among Republicans, Democrats and Independents. The survey can be found on AARP.org.