Credo Action

Stand with Warren and Sanders: Tell Democrats to stop helping Trump deregulate banks

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Petition to Senate Democrats:

"Do not collaborate with Donald Trump and Trump Republicans to deregulate big banks. We need to finish the job of Wall Street reform and end a dangerous and rigged system that puts our economy at risk, not roll back the reforms already in place."

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    Stand with Warren and Sanders: Tell Democrats to stop helping Trump deregulate banks

    Wages have stagnated for 40 years, and big banks are making record profits.1 So why on earth are some Senate Democrats collaborating with Donald Trump to help Wall Street?

    A group of senators from the corporate wing of the Democratic party recently announced plans to fall in line behind Republican attempts to gut portions of the 2010 Dodd-Frank Wall Street reform law. Trump and his treasury secretary, former Goldman Sachs executive Steve Mnuchin, have been pushing for the changes, which would exempt dozens of banks from safeguards against risky behavior.2

    These Democrats appear to have learned nothing from the financial crash, growing inequality and election losses. We need an instant outcry to show that Americans stand with the Warren-Sanders base of the Democratic party and oppose this Wall Street bailout.

    Stand with Warren and Sanders: Tell Democrats to stop helping Trump deregulate banks.

    Republicans have spent years attacking the Dodd-Frank protections on behalf of their big bank benefactors. Trump has made letting Wall Street go back to greedy and dangerous speculation one of his top priorities. Now, nine members of the senate Democratic caucus have lined up behind Trump’s plans: Sens. Joe Donnelly, Heidi Heitkamp, Tim Kaine, Joe Manchin, Claire McCaskill, Gary Peters, Jon Tester, Mark Warner and Angus King.3

    Sen. Elizabeth Warren blasted the deal in no uncertain terms:

    “This bill weakens consumer protections, helps out the country’s biggest banks and encourages them to swallow up even more community banks. 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.”4

    The deal would let some banks sell high-risk mortgages once again, exempt many from the Volcker Rule that prevents risky gambling with depositor money and let speculative hedge funds hide behind the branding of major banks. Worst of all, it would exempt dozens of major, well-known banks from strict, too-big-to-fail oversight to prevent another massive crash.5 We need to show that the Warren-Sanders base of the party opposes Wall Street bailouts no matter who pushes them.

    Stand with Warren and Sanders: Tell Democrats to stop helping Trump deregulate banks.

    Despite what some corporate Democrats say, there is no excuse for supporting this bill. Instead of settling for small concessions in the wake of the Equifax breach, they could have put Republicans on the defensive with a bold agenda. Instead of echoing Republican talking points about protecting small banks, they could point to statistics that show that small banks are more profitable now than they were when Dodd-Frank was passed.6 They decided they would rather add their name to a Wall Street regulatory bailout the Trump administration has been pushing.

    Despite the bipartisan deal in the Senate Banking Committee, there is still time to kill the formal legislation. We need to let every Democratic senator know that this deal is simply unacceptable and pressure them to side with the Warren-Sanders base of the party instead.

    Stand with Warren and Sanders: Tell Democrats to stop helping Trump deregulate banks.

    Thank you for speaking out.

    References:

    1. Hanna Levintova, “The Senate Is Getting Ready to Erode Obama’s Landmark Wall Street Law,” Mother Jones, Nov. 15, 2017.
    2. Ibid
    3. Ibid.
    4. Ibid.
    5. Ibid.
    6. Ibid.