Over one month ago, Jobs with Justice coalitions and allies around the country took action to demand Obama appoint Elizabeth Warren to lead the Consumer Financial Protection Bureau (CFPB). The creation of a Consumer Financial Protection Bureau to create accountability and oversight of the consumer credit market was a big part of the financial reform success over the summer.
Wall Street interests lobbied tirelessly to block her appointment because of her history as an advocate for consumers at the expense of big bank interests.
But our voices were louder.
Today President Obama will announce that Elizabeth Warren will lead the creation of the new CFPB, set to get the agency off the ground. Although she has not been confirmed by the Senate as the permanent director of the Bureau, she will oversee its establishment as an Assistant to the President and as Special Advisor to Timothy Geithner, the Treasury Secretary. And even with that, she could still eventually be confirmed as permanent director.
She might just be the most powerful agent of Wall Street reform in the country. And Warren is clear that the battle has just begun, stating on the Huffington
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 areafraid 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
We are closer than ever to winning meaningful reform of Wall Street. The work of Jobs with Justice members, activists, and allies is starting to add up to a national movement that is changing the debate in Washington, and our momentum is building.
The Senate is close to finalizing a banking reform bill, and the big banks are trying desperately to weaken or kill banking reforms that might prevent another meltdown, even threatening to filibuster.
Today, Jobs with Justice and allies will join National People’s Action, SEIU, and the AFL-CIO for a ”Showdown on K Street” in Washington, DC, ground zero for Wall Street’s corporate lobbyists, as the Senate is voting on important amendments to the banking reform bill.
An important amendment to SUPPORT is the Merkley-Levin amendment, which would prevent banks from gambling with government-insured deposits and reduce the kinds of conflicts of interest the Goldman Sachs was involved in. There are also several attempts to weaken regulation of derivatives and swaps, which were a central cause of the financial meltdown.
Please CALL YOUR SENATORS at 1-888-854-1978 with the following message:
Under pressure from Jobs with Justice coalitions and their partners like NPA and PICO, the US Senate adopted the Sanders amendment to the banking reform bill (S3217), 96-0, that would bring about an audit of the Federal Reserve.
This is a major step towards accountability, as Fed Head Ben Bernanke has repeatedly refused to tell even members of Congress which financial institutions received trillions of dollars in low or no cost loans from several “special” programs. Despite being broadly popular with voters (like breaking up the big banks and an independent Consumer Financial Protection Agency), Wall Street’s grip on Congress made the audit an uphill battle. But Sanders agreed to compromise language that limited the audit to a one-time examination of the “special” loan programs. Similar language is already in the House version of banking reform.
The Senate is continuing to take up other amendments, to strengthen and weaken the reform bill. Even the New York Times editorialized, “They Have to Do Better” on financial reform.
Since January, Jobs with Justice has been working with labor and community partners to send a message to Congress: Rein in Wall Street. We need good jobs, now.
The work of Jobs with Justice members, activists, and allies is starting to add up to a national movement that is changing the debate in Washington, and our momentum is building. Just last week, the Senate overcame a threatened Republican filibuster and brought us closer to meaningful reform of Wall Street. Senator Durbin, the #2 Democrat, spoke out in favor of an amendment to cut down the size of “too-big-to-fail” banks. We also learned that the Justice Department has launched a criminal investigation of Goldman Sachs.
Over the last few months, Jobs with Justice activists and allies have been out on the streets time and timeagain to take our message to the banks and to Congress. Last week, JwJ was part of mobilizations challenging Wall Street and corporate greed in San Francisco, Kansas City, Denver, Chicago, and New York City.
We must keep up the pressure to break Wall Street’s grip on Congress! Here’s how you can help:
As the Senate takes up its banking reform bill (the House passed its bill 5 months ago), Senator Dick Durbin (D-IL), the number 2 Democrat, spoke in favor of an amendment to cut down the size of “too-big-to-fail” banks. JwJ mobilized thousands of letters to Senators last week in support of this amendment, known as the “Safe Banking Act,” sponsored by Senators Sherrod Brown (OH) and Ted Kaufman (DE).
For 2 years, Jobs with Justice coalitions have been calling for a break-up of the big banks, a tax on the Wall Street speculators that drove our economy into ruin, and a major federal program to save and create millions of good jobs.
We’re generating pressure, but Senate leaders have not yet agreed to even allow a vote on the amendment to limit the size of the banks.
Tens of thousands of people were out on the streets this week to demand: Good Jobs Now! Wall Street Must Pay!
The AFL-CIO, National People’s Action, SEIU, and other groups spearheaded actions this week in a half-dozen cities across the country to demand strong financial reform and job creation. JwJ coalitions in San Francisco, Kansas City, Denver, Chicago, New York, and Buffalo joined the actions.
“People are angry — and for good reason,” said Jobs with Justice Executive Director Sarita Gupta. “Corporate greed and recklessness have driven our economy into a crisis, and leaders in Washington, DC have yet to offer any real solutions. It’s time to hold Wall Street accountable.”
Led by AFL-CIO President Richard Trumka, thousands of union members and activists from National People’s Action (NPA), NAACP, Move On, JwJ activists from New York and Buffalo, and more took over Wall Street in New York City during the afternoon rush hour yesterday.
It’s hard to believe! Two years after the big banks crashed our economy and took trillions in bailouts (much more than just the TARP), they’re giving themselves record bonuses and going back to business as usual: telling Congress what to do.
Even after Goldman-Sachs was finally charged with fraud by the SEC, none of the rules for the banks has changed – and many of the “too big to fail” bailout bandits used our money to become bigger than ever.
People across the country are taking action to demand bank reform this week. Jobs with Justice activists joined allies in at the Wells Fargo shareholder meeting yesterday in San Francisco, at Bank of America in Kansas City, and today at Goldman Sachs in Chicago. Tomorrow in New York City, JwJ activists will join the AFL-CIO, NPA, and others to mobilize thousands in a march on Wall Street.
The financial reform bill currently being debated in the senate does do some positive things, but it doesn’t go far enough. The bill proposes a weak consumer protection bureau under the control of the Federal Reserve (which is under the control
On April 15, 2010, tax day, Jobs with Justice activists and allies in 40 cities across the country protested at banks and post offices to highlight the need for jobs — and a way to pay for them. Activists held rallies calling on Congress to create millions of good new jobs, tax the Wall Street speculators who broke our economy, and reign in the Big Banks and protect consumers, demonstrating support for legislation like the Local Jobs for America Act (H.R. 4812), which will create 1 million jobs, and for the Let Wall Street Pay for the Restoration of Main Street Act (H.R. 4191).
Support is growing for the Local Jobs for America Act, which would ensure that communities can still operate essential services, and helping to prevent state and local tax increase. In Florida, South Florida Jobs with Justice sent a diverse delegation of workers to Rep. Kendrick Meeks’ office to thank him for co-sponsoring the Local Jobs for America Act. The delegation spoke with Meeks about the bill and invited him to join upcoming local jobs actions. Central Florida Jobs with Justice and AFSCME
