Financial Reform

News Release | MASSPIRG | Consumer Protection, Financial Reform

Congress Saved Wall Street a Year Ago; Time to Save the Rest of Us

One year ago this week, in the wake of the collapse of Lehman Brothers, the Bush administration and Congress began massive taxpayer-backed efforts to save Wall Street.

News Release | MASSPIRG | Consumer Protection, Financial Reform

Senate passes the Credit CARD Act

MASSPIRG commends the Senate on overwhelming passage of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, S 414, as introduced by Senator Chris Dodd, Chair of the Senate Banking Committee.

Report | MASSPIRG | Budget, Financial Reform, Tax

Tax Shell Game

Many of the largest corporations in our country hide profits made in the United States in offshore shell companies and sham headquarters in order to avoid paying billions in federal taxes.

Failing the Bailout

Following the collapse of major financial institutions Congress enacted a sweeping $700 billion taxpayer-financed bailout of the financial sector.

U.S. House Passes Credit Cardholders’ Bill of Rights

Rep. Carolyn Maloney (NY) bowled a 300 game today, as the House approved her bi-partisan Credit Cardholders' Bill of Rights, HR 5244 by an overwhelming 312-112 vote, with all of the Massachusetts Congressional delegation voting in favor of it.

Forgiving Fraud and Failure

Companies with immediate past histories of shoddy work and fraudulent practices are being rewarded with billions of dollars in federal contracts. The data suggest that the process by which the federal government currently spends $422 billion per year in taxpayer funds is insufficient to ensure that the American people receive good quality for goods and services purchased for the American people.

Testimony in favor of Combined Reporting Legislation

By | Phineas Baxandall
Senior Analyst for Tax and Budget Policy

In-state businesses are playing on an uneven field, competing against multi-state companies that use high-priced, sophisticated accountants and complex transactions with subsidiaries to avoid paying Massachusetts taxes. While currently legal, some multi-state businesses can shift their Massachusetts profits to out-of-state subsidiaries to avoid paying taxes here; while businesses located only in Massachusetts cannot take advantage of these loopholes or other tax shell games.

2006 Congressional Score Card

The 2006 Scorecard looks at the most important public interest votes taken between February 9, 2005 and February 1, 2006 in the U.S. Congress. These votes determined the direction of federal policy on critical issues ranging from environmental preservation to health care to consumer protections.

Who's Watching The Watchdogs?

Conflicts of interest and lack of independent funding have doomed both the national and state level accounting oversight systems in the United States. The state accounting boards and the network of overlapping, mostly self-regulatory federal accounting overseers act as classic regulators, serving management instead of serving investors and taxpayers.

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