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Huffington touts Move Your Money on ICNNI John King show
WASHINGTON (7/9/10)--Huffington Post publisher Arianna Huffington touted the Move Your Money campaign in an interview on CNN's John King show Wednesday, saying the campaign provides an opportunity for consumers to move money from big banks to community banks and credit unions. The Post originated the campaign over consumers' anger at banks for the financial crisis and economic turmoil. "We've been waiting for government to end too big to fail banks. It's not going to happen, even with a new financial regulation bill. So here's an opportunity for people to just move their money from the big banks into community banks, credit unions," she said. She noted "deposits up to $250,000 [in the local institutions] are guaranteed so there's no risk. And that way they're able to support institutions, which are supporting their communities [and] are more likely to lend so small businesses can create jobs." The campaign matters to individuals "who feel empowered just because they feel like they can do something," she said. Huffington said the campaign is not about revenge for big banks but is "more about making sure that families understand what is in their interest. We need great financial literacy. We need to understand what is at stake with our credit cards, with our accounts, and we need also to recognize that we have tremendous power."
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