On the call, Watts said:
"We are very concerned, very concerned, about 'business as usual' on Wall Street and how it affects Nevada's retirees and seniors.
"We are on fixed incomes. Stronger protections are especially needed for retirees and older workers. We have been at risk and we need protections that look out for our pensions, 401Ks, savings and provide a real retirement security without the traps and schemes. This is part of the change we voted for.
"Retirees and older workers don't have the time to make up for losses caused by schemes or speculations because we are either not working, working part-time or only have a few years left in the workforce."
Yesterday, Alliance President Barbara Easterling joined Senators Harry Reid, Chris Dodd and Sharod Brown at the U.S. Capitol for a press conference on a Financial Reform Bill.
Easterling said that the Financial Reform Bill is crucial to seniors. She said it would strengthen their retirement security which has been devastated in recent years.
Barbara Easterling expressed strong support for S. 3217 and stressed "It's time for certain Senators to act in the best interests of people, not profits."
The reasons Easterling gives for Alliance support include that the bill
- Requires the terms and conditions of loans and credit cards be written in plain English.
- Puts in place strict new rules to protect seniors from gimmicks and predatory lending.
- Creates a powerful new federal watchdog to stand on the side of consumers.
- Provides badly-needed financial education to people of all ages, including seniors.