Monday, December 4, 2017

Democrats siding with Trump to deregulate banks? Welcome back to the financial crisis

With all of the insane news coming out of Washington—one bill flying under the radar is a bill that would endanger our financial well-being and send us back to an era of deregulation that lead to the financial collapse.

The Senate Banking Committee is preparing to vote today (Dec. 5th) on a bill that would undo major portions of the landmark Dodd-Frank Wall Street Reform Act. This is bad enough. Worse, however, is that nine Democrats and one Independent are siding with Republicans to undo these critical protections.

If the Senate strips away protections that prevent risky trading practices by big banks, it could lead to another financial crisis just like in 2008.

Sign the petition and tell Senate Democrats: Don’t help Donald Trump deregulate the banks!

It’s no surprise that this bill comes at a time when Donald Trump has placed his Tea Party Budget Director, Mick Mulvaney, at the helm of the Consumer Financial Protection Bureau. Their goal is to eliminate the CFPB’s ability to hold the banks accountable and to undo the sensible protections Congress enacted against risky financial speculation in the wake of the financial crisis in 2008.

U.S. Senator Elizabeth Warren―a founding member of the Consumer Financial Protection Bureau―said this about the banking deal:

“This bill shows once again how Washington values short-term profits for big banks ahead of the interests of consumers or the safety of the financial system.”

Senate Democrats held firm against the terrible tax bill that was crammed through this weekend. They need to hold firm on this crucially important legislation as well. We must convince these nine Democrats and one Independent that siding with Donald Trump in deregulating the banks is as unacceptable as siding with him on taxes: Senators Joe Donnelly (IN), Heidi Heitkamp (ND), Tim Kaine (VA), Joe Manchin (WV), Claire McCaskill (MO), Gary Peters (MI), Jon Tester (MT), Mark Warner (VA), Angus King (ME), and Michael Bennet (CO).

Sign the petition today and tell Senate Democrats to not side with Donald Trump and the big banks!

Today―under Dodd-Frank―banks are already making record profits. Rolling back these protections would lead to risky trading practices and put Americans back in dire times, damaging the economy and potentially causing another recession driven by financial excess.

Together, we’re demanding an economy that works for everyone, not just the wealthy few.

-Josh Biven, EPI Policy Center

Now, could you take one minute to call your senators and tell them to stop this bank lobbyist giveaway? It’s the single most effective action you can take from where you’re sitting to make your voice heard.

Here’s the number you can call: (202) 224-3121. (It's the U.S. Capitol Switchboard, where you'll be connected with the office of one your senators.)

Here’s what you can say:
Sen. Mike Crapo’s (CRAY-poe’s) bill attacking Dodd-Frank Wall Street Reform is an unacceptable giveaway to bank lobbyists.

With bank profits at record highs, this is no time to deliver dozens of deregulatory gifts to banks – or exempt banks that took tens of billions in bailout money from too-big-to-fail oversight.

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