Global Unions: Reform Banks Worldwide
The global union movement is calling on other governments to follow President Obama’s commitment to restructure banks as a key part of comprehensive financial regulatory reform. Obama has proposed a series of urgently needed reforms, including an end to the practice of banks using depositors’ money to engage in the kind of high-risk speculative operations, such as hedge funds and private equity, which helped plunge the world into recession.
As AFL-CIO President Richard Trumka said last week:
Financial companies must not be allowed to go back to business as usual—or worse. We urge the President and Congress to make financial re-regulation a top priority.
