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Stand with Sen. Warren: No holiday handouts for Wall Street

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"Oppose, in must-pass bills to fund our government or our nation's infrastructure, all Wall Street handouts like attacks on the consumer protection agency, the Dodd-Frank financial reforms, and rules protecting investors."

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    Stand with Sen. Warren: No holiday handouts for Wall Street

    In late 2014, Republicans and corporate Democrats snuck a Wall Street handout written by Citibank lobbyists into an end-of-year spending deal.1 If we don’t speak up now, the same thing could happen again this holiday season.

    Sen. Elizabeth Warren is warning that Republicans and corporate Democrats plan to use must-pass end-of-year spending bills to benefit big banks. The Wall Street holiday wish list includes attacks on consumer protections and rollbacks of the Dodd-Frank financial reform law that would cost struggling families money and put all of us at risk of another crash.2

    We need to make it absolutely clear that no member of Congress – and certainly no Democrat – should use must-pass legislation to do Wall Street’s bidding.

    Stand with Sen. Warren: No holiday handouts for Wall Street.

    Recent reports say that Republicans are targeting rollbacks to Dodd-Frank financial regulations as part of a likely December deal to keep the government funded.3 And they may get two chances to boost Wall Street, because Congress also must pass a bill by the end of November to fund our nation’s infrastructure. House Republicans have already tried to attack reforms as part of the bipartisan compromise on the highway deal, and will no doubt keep up their attacks as the Senate and House negotiate a final package.4

    Worst of all, some corporate Democrats are actively working with Republicans to shred rules reining in the financial industry.5 When Sen. Richard Shelby, the Republican chair of the banking committee, introduced his “Wall Street wish list” financial deregulation bill last spring, a number of corporate Democrats issued lukewarm and conciliatory statements.6 Now, Shelby has confirmed that talks are taking place with Democrats on the committee, but progressive champion Sherrod Brown was not included.7

    Wall Street is determined to undermine the Consumer Financial Protection Bureau, created by Sen. Warren, by replacing its tough leader with a gridlocked commission. Republicans are also trying to exempt all but the biggest banks from financial regulation, and block President Obama’s Labor Department from instituting new rules to help protect investors from shady, self-serving investment advisors.8 Democratic support for any of these attacks would not only put us all at risk of another Wall Street meltdown, it would give Republicans bipartisan cover for giveaways to the big banks.

    Stand with Sen. Warren: No holiday handouts for Wall Street.

    As we get closer to the deadline to pass end-of-year spending bills, you can expect the misleading rhetoric to heat up. Opponents of Wall Street reform claim that they are acting on behalf of small community banks, but the truth is that Republicans’ actual proposals will mostly help Wall Street titans.9 But there is a very real risk that corporate Democrats will buy the lies and parrot false arguments – so it is up to us to fight back.

    Stand with Sen. Warren: No holiday handouts for Wall Street.

    Thank you for speaking out.

    1. David Dayen, “Inside Wall Street’s new heist: How big banks exploited a broken Democratic caucus,” Salon.com, December 16, 2014.
    2. Carter Dougherty, “Warren Tries to Head Off Wall Street Gifts on Congressional Christmas Trees,” InsideSources, November 4, 2015.
    3. Burgess Everett and Seung Min Kim, “GOP readying for end-of-year spending fights,” Politico, November 5, 2015.
    4. Zach Carter, “House Republicans Are Trying To Slip Bank Deregulation Into Highway Bill,” Huffington Post, November 3, 2015.
    5. Zachary Warmbrodt, “Shelby, Democrats in talks on bank regulations,” Politico Pro, November 5, 2015.
    6. Tracy and McGrane, “Democrats Greet Shelby Banking Bill With Skepticism.”
    7. Warmbrodt, “Shelby, Democrats in talks on bank regulations.”
    8. Carter, “House Republicans Are Trying To Slip Bank Deregulation Into Highway Bill.”
    9. Stacy Mitchell, “One in Four Local Banks Has Vanished Since 2008. Why We Should Treat It as a National Crisis,” Yes! Magazine, May 6, 2015.