Response to President Obama's Speech on Wall Street
We thought we'd fill you in on what AARP Executive Vice President, Nancy LeaMond, had to say in response to President Obama's speech today on Wall Street. You can read the full release here, but below is a snippet:
"Older Americans saw their retirement savings decimated by the economic crisis. AARP has long maintained that consumers must be armed with as much information as possible so that they can make sound financial decisions. In a world where individuals must plan for their own financial futures, information is imperative and greater protections are needed in the marketplace.
"AARP supports the creation of a Consumer Financial Protection Agency that would advocate on behalf of consumers' needs in the financial marketplace. It is important that individuals know they are buying products and getting financial advice from industry certified advisors. It is important that when individuals buy a product that has been recommended to them it is the right product for their needs.
"In a recent AARP survey, 95 percent of people 25 years and older believe in having investment services firms increase their transparency around the costs, risks and benefits of all financial products they offer. The same number of individuals believe companies that manage 401(k) plans should be required to clearly explain their fees on participant's annual statements. AARP has long advocated for transparency in 401(k) plans, having known that the majority of investors are unaware of the fees associated with their retirement savings."
Comments
iRa says:
You mentioned "industry certified advisors", why should the American public believe in these advisors when the system is flawed because of current rating agencies and international accounting firms?
All have been involved in misrepresenting companies, clients and above all, the American public. No need to bring up AAA ratings for toxic sub-primes, or who “cleaned” Enron’s books; but we, as American consumers must have input to change the current rating agencies and the international accounting firms? We need to rate them!
We, the American Consumer, need more input in the decision-making process of the entire financial system—to make it more responsible, accountable and transparent. Banks need to start lending our money back to us and charge the same interest rates as they’re getting from us. That is social justice and economic democracy and as Americans and consumers we demand no less.
Thanks for your time, wish all of us the best!
iRa
09/14/09 5:51 PM
James Archie Strong says:
It is becoming harder as time goes by to believe that AARP has my best interest at heart. No one from AARP has questioned Pres. Obama on the facts as he tells them. It has been proven that he has lied to the American people more than once and yet no one from AARP has stated these lies. All you seem to be doing is rubber stamping every thing he proposes. You are constantly listing what you say are myths without stating why you consider them to be myths. I do not believe Mr. Obama and I am having a hard time believing AARP as well! PLEASE tell that you are READING the bill/bills before making your statements. Please tell what the bill is really saying instead of trying to convince me that the questions rasied are myths! So far you have not given any reasons for your oppinion concerning these so called myths. I have been pleased with my AARP membership over the years but right I am having doubts about it.
Thabk you,
James Archie Strong
09/16/09 2:00 PM
Joe Schlepp says:
James Archie Strong has stated his position very well and I concurr entirely with his views. It seems that AARP has predetrmined its position - support Obama no matter what he says or does. Obama has been misrepresenting the issues but AARP has no comments. Take for example of Illegals not being covered by the Health Care Reform. Obama categorically stated that no Illegal residents will be covered. But that was not true - there was no mechanism to check for citizenship. It is like passing a law to limit the speed to 70 mph but there will be no cops to check or stop you. Obama knew about this loop hole despite which he tried to fool the whole country. Reminds me of the famous line "I did not have sex with that woman".
09/19/09 1:46 PM