A Promise to Keep. Senate Vote is the First Step Toward the Promise of Quality, Affordable Health Care for All

/PRNewswire/ -- Today's passage of health care reform in the U.S. Senate is one historic step toward fulfilling what will one day be a promise we will make to every person living in this country: If you are sick, we will care for you. You will be able to afford coverage and insurance companies will not run roughshod over you.

USAction Executive Director Jeff Blum said other steps will include final passage after conference committee, effective implementation in the years to come and beginning work on new federal and state policies to make further progress toward affordable and accessible health care coverage for everyone.

"Right now we are focusing on improving the bill in conference committee by making good health care affordable and by holding insurance companies accountable," Blum said. "But make no mistake: This is, by far, the farthest we have ever come as a nation toward providing quality, affordable health care for all."

As House and Senate negotiators prepare to meet, Blum said USAction is calling on legislators to make the following improvements in the final legislation:

Make good health care more affordable:
-- Require employers to contribute to the cost of employee coverage.
-- Pay for health care reform through progressive financing - i.e., a tax
on the very wealthiest Americans and not by imposing a tax on costlier
health plans with many older and female workers, and full family
coverage.
-- Make coverage more affordable in the insurance exchange to ensure that
low- and moderate-income families can afford health insurance
coverage.

Hold insurance companies accountable:
-- Create a publicly-accountable health insurance option on day one
across the United States.
-- Establish strong insurance regulations in all markets and effective
implementation of coverage through federally operated exchanges.

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Pelosi: 'Today's Action by Financial Services Committee Brings Accountability to Wall Street and Big Banks'

/PRNewswire/ -- House Speaker Nancy Pelosi issued the following statement today following passage in the House Financial Services Committee of financial stability legislation that will prevent future taxpayer bailouts of large financial firms. This bill will be part of a comprehensive package of financial system reforms, the Wall Street Reform and Consumer Protection Act, that will be considered on the House floor next week.

"Today's action by the House Financial Services Committee brings accountability to Wall Street and big banks. When coupled with strong reforms to protect consumers and Main Street that the House will vote on next week, it will end the reckless practices that resulted in the worst financial crisis since the Great Depression.

"This major step forward would not have been possible without the leadership, vision, and commitment of Chairman Barney Frank. The Chairman's efforts to shepherd a comprehensive package of financial reforms through the Committee will ensure that Americans' homes, pensions, college savings and financial futures are protected and the House will vote soon on this legislation.

"We must bring to a close an era of massive taxpayer-funded bailouts, where banks and financial institutions gambled away Americans' hard-earned paychecks and engaged in practices that harmed consumers, punished responsible investors, shook the foundation of our markets, and left our economy reeling.

"Wall Street reform is a critical part of our effort to rebuild our economy, create jobs, restore the flow of credit to Main Street and small businesses, and establish the building blocks of financial security and stability for hard-working families nationwide."

Background on the Wall Street Reform and Consumer Protection Act
-- Establishes a Consumer Financial Protection Agency to help ensure that
loans, mortgages, and credit card agreements are fair, understandable,
and affordable.
-- Ends the predatory lending practices that led to the financial
meltdown.
-- Prevents costly taxpayer bailouts.
-- Imposes tougher restrictions that end the riskiest financial
practices.
-- Brings accountability to the corporate boardroom by empowering
shareholders to have a say in reining in egregious executive pay and
bonuses.

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