Republican ‘Jobs’ Bills Fail Truth Test
If there was a “truth in labeling law” for congressional legislation, a series of Republican bills aimed at repealing last year’s landmark Dodd-Frank Wall Street reform law would be facing felony charges, AFL-CIO Policy Director Damon Silvers told a congressional hearing today.
Testifying before the House Subcommittee on Capital Markets and Government Sponsored Enterprises on the Republicans’ so-called “job creation” bills, Silvers said:
The proposals under consideration during today’s hearing are not about putting Americans back to work. The proposals are an attempt to chip away at the first meaningful steps toward re-regulating our financial markets after 30 years of deregulation led to the worst financial crisis since the Great Depression.
For example, if there was “truth in labeling,” he said, the Burdensome Data Collection Relief Act that repeals part of the new law’s provision that brings transparency to CEO pay should be renamed “The Promote CEO Pay Secrecy Act.”
House Republican Agenda: Make Big Banks More Profitable
 |
||||
|
||||
When the Republicans take over the U.S. House in January, one of the first things on their agenda is payback to those who helped get them in office: Wall Street.
And they’ve already announced one way they plan to do that.
The financial reform legislation that President Obama signed into law in July gave regulators a significant tool to rein in gambling by big Wall Street banks. The “Volcker Rule,” named after former Federal Reserve Chairman Paul Volcker who proposed it, is aimed at preventing Big Banks from speculating on securities or other complex financial products (a.k.a. “proprietary trading”) and putting strict limits on their ability to bet on hedge funds and private equity funds.
Main Street Wins: Senate OKs Wall Street Reform, Obama to Sign
In a “historic shift of power” from Wall Street to Main Street, the Senate this afternoon approved sweeping Wall Street reform legislation and sent it to President Obama for his signature.
AFL-CIO President Richard Trumka, says the bill, which will rein-in some of the most reckless Wall Street/Big Bank practices that shoved the nation’s economy over the cliff,
represents a historic shift of power—away from big bankers and CEOs to working families and Main Street. For years, Big Banks have profited on the backs of working families. Millions of working families lost their jobs and still can’t find work because of the reckless and selfish actions of Wall Street and the big banks.
House/Senate Conference OKs Wall Street Reform Bill, Full Votes Next Week
After an all-night session, U.S. House and Senate negotiators this morning agreed on a Wall Street reform bill that imposes tough new rules on the way Wall Street and Big Banks do business, including how they handle derivatives. Derivatives are the complex and risky financial products developed by Wall Street and Big Banks that were at the heart of the financial collapse.
The Senate passed its version last month and the House in December. The conference report melds the two bills and is expected to come to votes in both chambers next week. Wall Street lobbyists spent the past several months spending millions—much of it taxpayer bailout money—to weaken the legislation.
Financial Reform Must Maintain Strong Rules on Risky Derivatives
U.S. House and Senate negotiators are expected today to put the finishing touches on a financial reform conference report that melds each chamber’s previously passed reform bills. AFL-CIO President Richard Trumka warned lawmakers today any move to weaken provisions governing derivatives would be “a gift to Wall Street.”
Derivatives are the complex and risky financial products developed by Wall Street and Big Banks that were at the heart of the financial collapse. The Senate bill has tougher rules on derivatives than the House version. Trumka says the strong derivatives regulations in the Senate bill are
essential to providing real, meaningful financial reform [and] holding the big Wall Street power brokers accountable….Any provisions or alternate language being offered are a gift to Wall Street. Financial regulatory reform without this strong derivatives language maintains the status quo where Wall Street gets rich on the backs of working families.
Wall Street Reform Passes Senate: Conference with House is Chance to Strengthen
Three weeks after more than 15,000 people marched on Wall Street and just days after thousands more marched on K Street demanding Wall Street reform, the Senate last night (59-39) passed legislation to rein-in Wall Street Big Banks’ reckless behavior that crashed the economy.
AFL-CIO President Richard Trumka says the Senate vote was a “sweet victory” for the “tens of millions of working families who lost jobs, homes and income at the hands of the big Wall Street banks.” He also said it was “reassuring” that
the Senate took this step to protect consumers despite the swarms of finance industry lobbyists who converged on Capitol Hill and outlays of $1.4 million a day to block reform. Read the rest of this entry »
Activists Brave Rain, Tell K Street Lobbyists: ‘We’re the Face of Democracy’
 |
|
Under a sea of bobbing umbrellas, some 2,000 union and community activists—clad in a colorful array of T-shirts covered by rain ponchos, many improvised with trash bags—showed K Street lobbyists and Wall Street’s Big Banks “the face of democracy” today in Washington, D.C.
We staged the Showdown on K Street because it’s a notorious avenue of high-priced, influence peddling, Big Bank and corporate lobbyists. Speaking to the crowd, AFL-CIO Secretary-Treasurer Liz Shuler said our presence sent a clear message that Wall Street needs to pay for the jobs its reckless practices destroyed and to stop its $1.4 million a day bid to kill Wall Street reform legislation.
The 11 million jobs lost in this crisis are real jobs. But they weren’t really lost, were they? They were stolen. You might say that these jobs were collateral damage. The casualties of K Street and Wall Street.
We’re not going to stand for that. We need good jobs now. We need to invest in America now. And Wall Street needs to pay.
Live! K Street Showdown!
We are live tweeting the showdown on K Street. As Congress considers Wall Street reform, thousands of working families will march in the rain to take our message “Good Jobs Now! Make Wall Street Pay” to K Street, the power corridor in Washington, D.C., where Big Bank lobbyists plot to kill real financial reform and peddle corporate influence on Capitol Hill.
AFL-CIO Secretary-Treasurer Liz Shuler will lead a large contingent of working families and union staff today as we join with our partners from National People’s Action, Move On, SEIU and others to rally and call out the lobbyists for the Big Banks.
K Street Showdown with Big Banks’ Lobbyists May 17
Last week, 10,000 of us-along with 16,000 virtual marchers-marched to the doors of Wall Streets’ Big Banks and told them it was time to pay to restore the millions of jobs their reckless practices destroyed and time to stop their multi-million dollar lobbying campaign to kill Wall Street reform.
On May 17, we’re set for a Showdown on K Street, the famous Washington. D.C., avenue of high-priced, deep-pocketed, hired-gun lobbyists who are leading the Big Banks’ fight against real Wall Street reform.
The action targets the lobbyists for Wall Street’s Big Six banks-Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo/Wachovia.
Since last year and so far through 2010, big banks are spending about $1.4 million a day in lobbying and political expenses to fight reform. There are four Big Bank lobbyists for every member of Congress. Read the rest of this entry »
Give Now to Expose the Chamber’s War on Workers
 |
|
Want to get in the ring and help battle the Chamber of Commerce? American Rights at Work is holding a fundraiser to help expose the Chamber’s war on workers. The $7,000 in seven days campaign doesn’t aim to compete with the mega-millions the Chamber collects from its Big Business patrons. But your donation can help the workers’ advocacy organization spread the truth about the Chamber. Donate here.
Last year, the Chamber spent more than any other lobbying organization in the country: $144,496,000. And it plans to spend $50,000,000 to influence the upcoming elections. Read the rest of this entry »
