Tell Senate Democrats: Donât let Trump Republicans gut Wall Street reform
Petition to Senate Democrats:
"Block and resist Trump Republicansâ assault on the Dodd-Frank Wall Street
reforms, including the Financial Choice 2.0 Act, and refuse to lend bipartisan
cover to any giveaways to the financial sector."
Add your name:
Dear BL,
Seven years ago this month, the Dodd-Frank Wall Street Reform and Consumer
Protection Act became law. But now, Republicans are planning to gut it beyond
all recognition.
For the last seven years, the Dodd-Frank Act reined in the biggest banks and
imposed new limits on the risky speculation that caused the disastrous Wall
Street crash of 2008. The law created Sen. Warrenâs Consumer Financial
Protection Bureau, which has saved Americans millions of dollars and tipped the
scales toward working people instead of financial scam artists.1
But last month, the House passed the Financial Choice Act 2.0, a nearly 600-page
package that would blow up the Dodd-Frank Act and cripple the Consumer Financial
Protection Bureau. Now the bill is with the Senate, where Republicans need 60
votes to pass it â but corporate Democrats often make noises about helping gut
financial reform.2,3 We must ramp up pressure now to make sure Democrats hold
the line.
Tell Senate Democrats: Donât let Trump Republicans gut Wall Street reform.
Click here to sign the petition.
We cannot assume Senate Democrats will maintain a unified front against this
legislation. A number of Democrats including – Sen. Heidi Heitkamp –
have previously admitted to meeting with bank lobbyists.4 They seem too willing
to follow the lead of Trump Republicans in Congress who have spent recent years
laser-focused on helping big banks.
This new bill is a more-radical version of plans that Republicans introduced in
prior years. The new Wall Street handout would:5 Undermine Sen. Warrenâs
consumer protection agency, the Consumer Financial Protection Bureau, by
replacing its strong director, limiting its funding and putting new restrictions
on rules it issues to protect the public.
Dismantle a half-century of financial rules by allowing banks that hold a
certain amount of capital to bypass financial regulations that go back to least
the 1950s, leaving us even more at risk of a massive crash than we were before
2008.
Eliminate the Volcker rule, a straightforward bipartisan protection that says
that banks who are backed by the taxpayers cannot make risky speculative trades
to drive up profits.
The Senate is the only thing stopping a puppet of the big banks in the White
House, an administration full of Goldman Sachs alums and Wall Streetâs
Republican cronies in Congress from dismantling the rules put in place to keep
big-banker greed in check. Democrats must block and resist this bill.
Tell Senate Democrats: Donât let Trump Republicans gut Wall Street reform.
Click here to sign the petition.
Much like the Affordable Care Act, the consumer regulations passed under
President Obama were imperfect, but their repeal would be disastrous for
millions. Not a single Democrat should spend a split second considering
supporting these changes, especially when the Democrats have the leverage to
block this legislation that needs 60 votes to pass the Senate.
That is why we need to speak out now and show Senate Democrats that no amount of
arm-twisting from Wall Street lobbyists can change this simple fact: Rolling
back Wall Street reform is simply unacceptable.
Tell Senate Democrats: Donât let Trump Republicans gut Wall Street reform.
Click below to sign the petitio
https://act.credoaction.com/sign/Keep_big_bank_regulation?t=8&akid=24162%2E432236
9%2EVvxjT6
Thank you for your activism,
Murshed Zaheed, Political Director
CREDO Action from Working Assets
Add your name:
References: Donna Borak, âHouse votes to kill Dodd-Frank. Now what?â CNN,
June 8, 2017.
Geoff Bennett, âHouse Passes Bill Aimed At Reversing Dodd-Frank Financial
Regulations,â NPR, June 8, 2017.
Ryan Rainey, âBankers Meet With Democrats to Push for Bipartisan CFPB
Commission,â Morning Consult, Feb. 7, 2017.
Ibid.
Renae Merle and Jonnelle Marte, âGOP plan to erase Obama-era Wall Street rules
is more generous than even banks asked for,â The Washington Post, April 20,
2017.
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© 2017 CREDO. All rights reserved.
Bonnie L. Sherrell
Teacher at Large
"Then do not be too eager to deal out death in judgement. For even the very
wise cannot see all ends." LOTR
"Don't go where I can't follow."
We gave the Goblin King control of our nation!