The big banks thought they killed financial reform last year, but through the efforts and activism of JwJ members and allies across the country, we were able to overcome $1.5 million a day of bank lobbying and we won the first round of the fight to take back our economy from Wall Street and the corporate agenda.
Now these same big money interests want to undo that victory by blocking appointment of Elizabeth Warren as head of the new Consumer Financial Protection Bureau (CFPB). Elizabeth Warren has served as the chair of the Congressional Oversight panel created to investigate the bank bailout, acting as an advocate for accountability and transparency. Warren was also one of the original advocates for the Consumer Financial Protection Bureau.
Why do the banks want to block her appointment? Because they are afraid she might actually protect consumers at the expense of bank and corporate profits.
There is certainly more to do in democratizing our banking system and making Wall Street Pay for causing the economic crisis, but if the banksters and corporate greed crowd succeeds in blocking a real advocate as head of the Consumer Financial Protection Bureau, they will undo a very important part of our victory.
Don’t let them undermine the reforms!
