DFA members stand with progressive leaders like Elizabeth Warren and Bernie Sanders in the fight to stop Wall Street from crashing our economy again -- and protect our government from its influence. It’s time to break up the big banks and pass newer, stronger laws to ensure that financial regulators are looking out for the public interest, not the special interests.
- Wall Street reform
- Break up the big banks
- Hold the SEC accountable
- Stop the revolving door
Together, we are launching an ambitious, five point plan to fix our broken financial system and make Wall Street work for the real economy, not the other way around:
- Pass a 21st Century Glass-Steagall rule to make banks smaller, simpler, and safer.
- Create a tax on Wall Street's trades that would generate billions in revenue for things like free college.
- End the carried interest tax loophole that lets billionaire Wall Street fund managers pay taxes at a lower rate than teachers.
- Close the CEO "bonus loophole" that subsidizes corporations for ridiculously large executive salaries.
- Promote affordable and fair financial services -- like postal banking -- so low-income families don't have to rely on predatory schemes like payday loans.
Stand with Elizabeth Warren, DFA, and more than 20 organizations: Tell Congress to take on Wall Street, break up the big banks, and repair the rules to benefit working families, not the billionaires.Take Action!
Bernie Sanders gave a major speech on reining in Wall Street. In it, he called for busting up the biggest banks and reinstating the Glass-Steagall Act.
Both of these steps are necessary to avoid another “too-big-to-fail” bailout, along with another crisis that robs millions of Americans of their jobs, homes, and savings. The only way to contain Wall Street’s excesses is with reforms so big, bold, and public they can’t be watered down.
In Sen. Elizabeth Warren's keynote speech last week at Netroots Nation, she issued a powerful challenge to all 2016 presidential candidates to commit to putting the needs of working families first by ending the revolving door between Wall Street and Washington.
Now, Sen. Tammy Baldwin has introduced legislation that would make it significantly more difficult and less lucrative to hop from Wall Street to Washington: the Financial Services Conflict of Interest Act. It would make it illegal for government employees to receive bonuses from former employers while on duty, and would force politicians to wait two years before returning to Washington as lobbyists.
Sen. Tammy Baldwin's bill is a common-sense measure that would permanently slow down the Wall Street revolving door -- one that all of our Democratic candidates should be eager to support. Tell Hillary Clinton to speak out in support of the Financial Services Conflict of Interest Act today!Take Action!
Sen. Elizabeth Warren, along with Senators John McCain, Maria Cantwell, and Angus King, is reintroducing the 21st Century Glass-Steagall Act, a bill to reduce taxpayers' risk in the financial system and decrease the likelihood of future financial crises.
This bill would rebuild the wall between commercial banks and investment banks -- with new protections to fill some of the holes punched in the original bill and to cover products that didn't exist in 1933. It won't end "too big to fail" all by itself, but it will reduce risk in the system and make financial institutions smaller and safer.
News broke this AM that, following pressure from Democracy for America and other progressive groups, the White House is reconsidering appointing corporate attorney Keir Gumbs to a open seat on the SEC.
Here's a statement from DFA Chair Jim Dean on the White House response to growing progressive pressure on the open SEC seat:
"If we won't tolerate a cop who's working with Main Street criminals, why should we put up with potential Security and Exchange Commission leaders who've colluded with the crooks on Wall Street and their industry shill groups to avoid accountability?
“After watching Wall Street greed wreck the economy in 2008, the very least the American people expect and deserve are SEC leaders committed to relentlessly rooting out the criminal element on Wall Street, not their next career move. "In the weeks and months ahead, we'll continue working with our allies to ensure that Senator Elizabeth Warren and the American people get the dedicated beat cop we need on Wall Street." -- Jim Dean, Chair, Democracy for America
Please find the email action we sent to our members on this news below and don't hesitate to reach out if you need any additional information.
EMAIL SENT TO DFA MEMBERS:
---------- Forwarded message ----------
From: Karli Thompson, Democracy for America
Date: Tue, Jul 7, 2015 at 2:16 PM
Subject: Battle over the SEC: Will President Obama side with the Warren Wing?
HUGE news broke out of Washington last night: Because of the pressure Sen. Elizabeth Warren and progressive organizations have put on the White House to stop the revolving door between Wall Street and the Securities and Exchange Commission, President Obama is second guessing his plan to appoint Keir Gumbs -- yet another corporate lawyer -- to fill a soon-to-be-open spot on the board.
Now, sources say that the White House is heading in the right direction. They're vetting a number of candidates who have no close corporate ties. But they still haven't taken nominating Gumbs off the table -- or promised that they will stop considering Wall Street alumni as potential candidates for the SEC in the future.
Tell President Obama to do the right thing: Drop all potential SEC nominees who are too close to Wall Street, and nominate real regulators who will be tough on the big banks.
The regulatory power of the Securities and Exchange Commission is hands down the most important check we have on Wall Street power in America. We need the SEC to be an activist body, doing everything it can to protect investors and workers from the unfettered greed of the big banks.
Unfortunately, SEC chair -- and Obama appointee -- Mary Jo White has been a disaster. She has slow-walked critical regulations and has recused herself from important deliberations due to her close ties to Wall Street. In a scathing 13-page letter to White earlier this year, Sen. Elizabeth Warren said that her leadership of the Commission has been "extremely disappointing."
Now that President Obama is preparing to fill two new vacancies within the SEC, we need to know that he won't go back to the same old Wall Street revolving door that handicapped the SEC in the first place.
Tell President Obama: We can't afford to put another one of the big banks' buddies on the SEC. Nominate tough regulators who will stick up for working families now.
During her confirmation hearings, SEC Chair (and former corporate lawyer) Mary Jo White claimed that she would be tougher on the big banks than her tight connections with Wall Street would indicate. But time and time again, when faced with implementing policies like the CEO pay rule and forcing corporations to disclose their political expenditures, White has caved to Wall Street demands.
We want to believe that President Obama learned from his appointment of Mary Jo White. This time, we need him to appoint regulators who aren't fresh out of the revolving door. The American public deserves appointees who will take a tough stance on Wall Street excesses and give some power back to Main Street.
Tell President Obama: No more Wall Street cronies on the SEC. This time, nominate regulators who will protect investors and workers everywhere.
Thanks for being a part of our campaign to hold President Obama and the SEC accountable. It's time to take the power back from Wall Street.
Karli Wallace Thompson, Campaign Manager
Democracy for America
Jim Dean, Chair of Democracy for America, released this statement following the announcement the White House would delay an appointment of a new Fed Chairman until this Fall:
"Democracy for America is happy to hear that the White House has decided to postpone the appointment for Chair of the Federal Reserve until this fall. Given her considerable contributions both inside and outside the Fed and her recognition of the realities that all Americans face in today's economy, Janet Yellen is clearly the right person for this critical post and we urge President Obama to appoint her when the time comes.
Ultimately, the President's credibility and legacy as a true champion of the middle class is on the line in this choice and we intend to work to ensure he doesn't nominate someone, like Larry Summers, whose Wall Street ties makes him inappropriate choice for Fed Chairman." -- Jim Dean, Chair, Democracy for America