Credo Action

Calls:

Call the SEC: No more "get out of jail free" waivers for criminal banks

Call the SEC: No more "get out of jail free" waivers for criminal banks

The Securities Exchange Commission (SEC), the federal agency responsible for enforcing securities laws and regulating Wall Street, routinely grants “get out of jail free” waivers that allow corporations to keep their trusted status despite admitting to breaking the law. It is long past time for President Obama’s SEC chair, Mary Jo White, to show leadership and end this abuse.

CALL SCRIPT

Hi, my name is [YOUR NAME] calling from [YOUR CITY], [YOUR STATE]. I'm calling to ask that the SEC immediately stop granting waivers to companies that break the law.

Corporations and banks that are found guilty or admit to breaking the law are supposed to lose their special privileges as “trusted” institutions. But under Chair Mary Jo White, the SEC routinely gives these companies a waiver, allowing them to get “out of jail” free, often without commissioners having to vote.

Immediately stop granting waivers to criminal corporations and do not expand the use of waivers by unconditionally accepting waivers granted by other regulators.

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