Dear Mr. President and Members of Congress:

Taxpayer-funded bailouts. Multimillion dollar executive bonuses. Tricky debit card overdraft fees. Credit card traps. Widespread foreclosures. Our banks and the regulators responsible for making them work have lost our trust. It will be not be easy to win it back.

We the undersigned ask that you take the strongest possible steps to restore confidence in the banks where we place our money and in the lending companies where we seek mortgages and other loans for building financial security.

The most important of those steps is the creation of the Consumer Financial Protection Agency, an entity that will have the sole mission of restoring our trust in the financial system by guaranteeing that:

-Banks cannot appropriate funds from our checking accounts through unfair practices.

-Mortgage loans will be fair and sustainable, restoring the benefits of homeownership for our families and future generations.

-Credit cards and all other sources of credit will be helpful and safe for those who choose to use them, and not wired with tricks that trap them in debt and destroy financial security.

During the recent economic meltdown, financial institutions have benefitted from over $250 billion in direct taxpayer-funded assistance, even while everyday Americans are struggling to keep their homes, pay their bills, and avoid the next debt trap.

Banks and other finance companies must be held accountable for their practices. We must create a Consumer Financial Protection Agency as a strong, powerful and immediate action to restore consumer confidence in our financial system, and reignite hope for the American dream.