Women’s Division head to Congress: `Act justly for families in U.S. financial crisis’

by Yvette Moore*

In a Sept. 19 letter to Congressional leaders, Women’s Division Deputy General Secretary Harriett Jane Olson reminded legislators of their duty to represent families and children as they address the global financial crisis spurred by the collapse of several Wall Street giants. Ms. Olson wrote to Rep. Barney Frank (D-Mass.), chair of the House Financial Services Committee, and Rep. Christopher Dodd (D-Conn.), chair of the Senate Committee on Banking, Housing and Urban Affairs, after reports of a government plan to rescue banks and other financial institutions failing under the home mortgage meltdown.

“We call upon you to keep before you the faces of families and children whose future will be determined by the decisions you make,” Ms. Olson wrote. “We pray that you will look out for the future of families and children even if it requires action that is not in the interest of the powerful corporations.”

Ms. Olson reminded the legislators of the financial crises faced by women and children in recent months as families lost homes, pensions and jobs. She called for bi-partisan short-term and long-term action that would aid families facing foreclosure and bankruptcy to retain ownership of their homes. Ms. Olson also called for:

• Aid for workers hurt by the market collapse;
• Increased consumer protection and disclosure of financial transactions; and
• Enhanced regulation, cooperation and oversight of financial regulator agencies such as the Securities and Exchange Commission.

“You are in our prayers,” Ms. Olson wrote. “We do not believe that ensuring corporate survival at the expense of the families of the United States is adequate, nor do we believe it is necessary. By providing homeowners with time and options to restructure loans and avoid foreclosure, by rolling back unworkable bankruptcy provisions and by preventing speculative trading, excess profit taking and grotesque officer and director pay, you can ensure the well being of women and children across the United States.”

The Women’s Division of the United Methodist General Board of Global Ministries is the national policy-making arm of the nearly 800,000-member United Methodist Women organization. Each year members raise nearly $20 million for programs to improve the lives of women, children and youth.

*Yvette Moore is an executive secretary for communications with the Women’s Division.