[Occupymendocino] [Fwd: PETITION: Save Wall Street reform]

[agnes at mcn.org]

---------------------------- Original Message ----------------------------
Subject: PETITION: Save Wall Street reform
From:    "Murshed Zaheed, CREDO Action" <act at credoaction.com>
Date:    Fri, January 23, 2015 7:07 am
To:      "Agnes S. Woolsey" <agnes at mcn.org>
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      Tell Senate Democrats: Don’t let the Republicans gut Wall Street
reform.

   Petition to Senators Dianne Feinstein and Barbara Boxer:
   "Fight back against any attempts by the Republicans to gut the 2010
   Dodd-Frank Wall Street Reform bill, especially any further delay or
   weakening of the Volcker rule, which would put America at greater risk of
   another financial meltdown and bank bailout."

   Add your name:

   [1]Sign the petition â–º

   Dear Agnes,

                                                   [2]Tell Senate Democrats:
                                                   Don’t let the
                                                   Republicans gut Wall
                                                   Street reform

   Recently, House Republicans forced through a bill that would blast holes
   in Wall Street reform and put us all at greater risk of another financial
   crash – and more bank bailouts.

   Now, the bill goes to the Senate, where the new, anti-regulation Banking
   Committee Chairman Richard Shelby is determined to gut the 2010 Dodd-Frank
   financial reform law.^1

   We need Senate Democrats to maintain a fierce firewall against any changes
   to Dodd-Frank, whether in this bill or future efforts. If Wall Street
   succeeds in rolling back the reforms put in place after the 2008 financial
   crash, we will all pay the catastrophic price.

   [3]Tell Sens. Feinstein and Boxer: Don’t let the Republicans gut
   Wall Street reform. Click here to sign the petition.

   The same Wall Street banks that crashed the economy fought to weaken the
   2010 Dodd-Frank bill before it ever became law. Then, once President Obama
   signed it, they went to work twisting the arms of regulators to carve out
   even more loopholes. In December, banks received a huge holiday gift when
   the Federal Reserve announced it would delay until 2017 the implementation
   of one of the most important pieces of the law, the Volcker rule against
   banks gambling for their own profit.

   If they can’t repeal it outright, Wall Street’s allies in Congress
   will fight to carve out new loopholes in Dodd-Frank. In December, Congress
   repealed a provision on risky derivatives as part of a terrible spending
   bill that's chock full of handouts to big banks and mega-wealthy political
   donors. The most recent House bill would have exempted other derivatives
   from regulation, and rolled back rules forcing companies to be more
   transparent and accountable. In the past, Republicans have even proposed
   making it easier for banks to sue regulators to undo reforms.

   The biggest fight will be over the Volcker rule, which prevents
   government-insured banks from making big bets for their own profit knowing
   that taxpayers will bail them out if it backfires. ^2

   In the last two election cycles, financial sector donations have
   overwhelmingly favored Republicans, and now those right-wing candidates
   are returning the favor. At the same time, as a recent piece in the New
   York Times put it, “Plenty of moderate Democrats are lily-livered about
   taking on the banks.”^3 Even though President Obama declared in the
   State of the Union that he would veto attempts to roll back Dodd-Frank,
   the real test will come when Republicans and pro-Wall Street Democrats add
   these sort of provisions to a must-pass bill like the debt-ceiling
   increase.

   [4]Tell Sens. Feinstein and Boxer: Don’t let the Republicans gut
   Wall Street reform. Click here to sign the petition.

   Republicans like to claim that Dodd-Frank is hampering economic growth.
   But stocks are soaring and banks are raking in billions, even as middle
   class families are still suffering. Last week, JPMorgan Chase head Jamie
   Dimon had the gall to complain that big banks are “under assault,”
   although not a single banker has gone to jail for fraud and his company
   reported $4.93 billion in 2014 income.^4

   The too-big-to-fail banks are bigger than ever, and their profits are
   leaching out of the economy, not trickling down. Congress should be
   building on Dodd-Frank – not ripping it to shreds. Click below to sign
   our petition:

   [5]http://act.credoaction.com/sign/wall_street_reform?t=1001&akid=12762.23357.Ylv5c7

   Thank you for your activism.

   Murshed Zaheed, Deputy Political Director
   [6]CREDO Action from Working Assets

   Add your name:

   [7]Sign the petition â–º

    1. Stephen Ohlemacher and Donna Cassata, “[8]New Senate chairmen aim to
       undo Obama's policies” Associated Press, January 5, 2015
    2. Jonathan Weisman, “[9]House Passes Legislation to Ease Some
       Dodd-Frank Financial Rules” New York Times, January 14, 20153. Jesse
       Eisinger, “[10]A Strategy in the Fight Over Dodd-Frank: Go Big”
       New York Times, January 14, 2015
    3. Tanya Agrawal and David Henry, “[11]JPMorgan hit by legal costs,
       Dimon says banks 'under assault'” Yahoo! News, January 14, 2015

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References

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