Citizen Advocate: A Report For Members Of MoPIRG
MoPIRG.ORG HOW YOU CAN HELP MEMBERSHIP

Clean Energy

Senate Debates Plan To Repower America
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NEW ENERGY FOR MISSOISSOURI—Windmills in Rock Port. We’re working to make sure the Senate passes a strong clean energy bill, which would help Missouri tap more of our state’s vast clean energy potential.

As the U.S. Senate considers historic energy legislation, we’re building support in Missouri to ensure it passes—and that the end product is as strong as possible.
 
The House of Representatives’ approval of the American Clean Energy and Security Act this summer marked a clear break from the inaction that characterized the federal government’s response to global warming during the past eight years.

If the Senate follows suit this fall, we’ll see billions of dollars invested in energy efficiency and renewable power, new green buildings sprouting up across America, and significant, mandatory reductions in carbon pollution.

Still, in order to win enough votes for passage, the bill’s sponsors agreed to compromises that benefit oil and coal companies, agribusiness and other interests at the expense of taxpayers and the environment. But given the closing window of opportunity to get started solving global warming and the potential for this bill to transform our energy systems, we decided to support, and work extremely hard for, passage of the bill.

Building support for change

Despite the concessions, the vote in the House was close, with just a seven-vote margin support of the legislation (four members of Missouri’s delegation voted in favor of the bill).
We educated citizens and lawmakers on the consequences of inaction or further delay.  For example, our research demonstrated that lower crop yields resulting from climate change could cost corn growers in Missouri $46 million a year, and nationally the toll would be roughly $1.4 billion because of lower corn yields.

 

Financial Reform

Who’s Watching The Financial Industry?

Elizabeth Warren, the Harvard law professor who was appointed to head the Congressional Oversight Panel on the banking bailout last year, explains it this way: “We don’t eat tainted meat and we don’t drink adulterated milk because we have fairly good regulation. Financial products are no different. Free markets are not well supported when consumers are at risk for injury.”

With Professor Warren and more than 200 other organizations, MoPIRG is calling for the creation of a Consumer Financial Protection Agency.

It’s painfully clear now that Wall Street placed excessively risky bets that they could not cover, and that they paid executive bonuses on profits that did not exist. Worse, taxpayers, small investors, homeowners and our economy paid the price, because at the core of the crisis was a failure to adequately regulate financial products.

In both June and July, Ed Mierzwinski, the director of our consumer program, testified before Congress in favor of the new agency, which would have the power to regulate all credit card and consumer loan products, no matter where purchased, and to check predatory financial products, such as payday loans and risky mortgages.

MoPIRG
Citizen Advocate
Fall 2009
Vol. 10, No.1



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