In a column in this week's Warwick Beacon, OSA Executive Director Peter Asen makes the case clear why we need Congress to pass strong financial regulation and reform, and that we need Senator Jack Reed's leadership to help make it happen.

**Call Senator Jack Reed today at 943-3100 and ask him to keep fighting for financial reform to hold the big banks accountable and stabilize our financial system.**

"President Obama is calling for financial reform, and last month, the U.S. House of Representatives passed a bill that took steps in the right direction," Asen wrote.

But the financial industry is opposing real change every step of the way. They weakened the House bill in key areas, for example undermining rules to bring the trading of derivatives – key sources of the financial meltdown (and of billions of dollars in profits for the very largest Wall Street banks) – out into the open. The financial services industry spent $344 million on lobbying in the first three quarters of 2009, and they have more than 1,500 lobbyists registered to protect their interests.

Now it’s the U.S. Senate’s turn to act, and the industry is redoubling their efforts to prevent or fatally water down the change we need. Because Rhode Island Senator Jack Reed has a key position on the Senate Banking Committee, he can play a major role in ensuring that the Senate passes strong reform that truly protects consumers and changes the rules of the game for the industry. Senator Reed has made very strong statements in support of a bank tax and a new Consumer Financial Protection Agency, but to pass meaningful reform, he will also have to convince some of his colleagues – who seem less inclined to challenge the banks – to take a strong stand.

We need financial reform to rein in the greedy and reckless behavior of big banks on Wall Street that cost millions of jobs, and to crack down on abuses committed by credit card companies and the mortgage lending industry. These reforms will strengthen our financial system and will help to prevent another financial crisis.