Credo Action

Tell Senate Democrats: Don’t let Trump Republicans gut Wall Street reform

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Petition to Senate Democrats:

"Block and resist Trump Republicans’ 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."

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    Tell Senate Democrats: Don’t let Trump Republicans gut Wall Street reform

    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. Warren’s 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 – 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: Don’t let Trump Republicans gut Wall Street reform.

    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. Warren’s 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 Street’s 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: Don’t let Trump Republicans gut Wall Street reform.

    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.

    Thank you for your activism.

    References:

    1. Donna Borak, “House votes to kill Dodd-Frank. Now what?” CNN, June 8, 2017.
    2. Geoff Bennett, “House Passes Bill Aimed At Reversing Dodd-Frank Financial Regulations,” NPR, June 8, 2017.
    3. Ryan Rainey, “Bankers Meet With Democrats to Push for Bipartisan CFPB Commission,” Morning Consult, Feb. 7, 2017.
    4. Ibid.
    5. Renae Merle and Jonnelle Marte, “GOP plan to erase Obama-era Wall Street rules is more generous than even banks asked for,” The Washington Post, April 20, 2017.