From Illinois Attorney General Lisa Madigan

Yesterday, I traveled to Washington D.C. to testify before the Financial Crisis Inquiry Commission — the bipartisan, 10-member panel established by Congress to examine the causes of the financial crisis that led to the current recession. 

In my testimony I pointed out that, since 2003, as the chief consumer advocate for the state of Illinois, I have observed first-hand the greedy practices that drove lenders to push consumers into unsustainable, high-cost mortgages and I highlighted the failure of federal agencies to listen to the warnings of many attorneys general, including myself, of an impending economic meltdown.

I also argued that state officials are often the “first responders” to abuses in the marketplace and should retain all necessary authority to investigate and prosecute harmful financial practices. 

I recommend this Reuters article if you want to find out more regarding the need for state regulation of banks.  I also urge you to read this Washington Post article describing what federal regulators could have done to prevent the financial crisis and what steps are now being taken to stop the financial industry from continuing to risk our nation’s economic security for the sake of short-term profit. 

As financial reform legislation winds its way through Congress, I will continue to keep you informed and let you know when your calls and letters are needed so that, together, we can make sure our country and our families never have to endure a crisis like this again.

On Tuesday, January 12, less than one hour before sunset, a 7.3 magnitude earthquake struck Haiti near the capital of Port Au Prince, causing catastrophic damage and loss of life. Initial estimates are that up to 3 million people may be affected. In Haiti, the local Red Cross worked throughout the night to rescue people from their trapped homes and provide first aid. The priority now is to provide people with food, water, temporary shelter, medical services and emotional support. The people of Haiti need our help. The American Red Cross has pledged funds to provide food, water and other relief to people impacted by this earthquake, knowing that the first 48 hours are absolutely critical to saving lives.

This young boy in Haiti was injured during the Earthquake. This photo was taken by Matt Marek, an American Red Cross staff member who is stationed in Port Au Prince.

What You Can Do Today to Help
The American Red Cross already has seen an outpouring of support and concern from the public. People who want to help those affected by the Haitian earthquake can make a donation to the American Red Cross International Response Fund at www.chicagoredcross.org/donate or by calling 1-800-RED-CROSS. The Red Cross is also receiving money through a third party mobile fundraising effort sponsored by Mobile Accord. Mobile donors can text “Haiti” to 90999 to send a ten dollar donation to the Red Cross. The funds will go to support the Red Cross relief efforts in Haiti.

News So Far About the American Red Cross Effort
The American Red Cross also is releasing supplies from our warehouse in Panama that will be able to meet the immediate needs of 5,000 families. Included are tarps, mosquito nets and cooking sets.
The American Red Cross is deploying six disaster management specialists to the disaster zone to help coordinate relief. These join the staff we already have on the ground there.

To date we have not received any request for blood products from the government of Haiti. We will respond to any request that we receive for blood products based on availability.

How We’re Responding Locally
Our International Services Team is reaching out to Haitian groups and agencies with our condolences and updated information on what the American Red Cross is doing to help Haiti. We’re letting them know that the American Red Cross of Greater Chicago is their local Red Cross Chapter and we can provide mental health support to the family and community, and providing them with our contact information.

The outpouring of support from the greater Chicago community has been wonderful. The need for assistance in Haiti will be great. Thank you for all you do to support the Red Cross.

www.chicagoredcross.org

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American Red Cross of
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75 Remittance Drive Suite 1907
Chicago, IL 60675-1907

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