Trumka: Bank Bailout Language in Proposed House Financial Services Committee Bill Doesn’t Work
Today, AFL-CIO President Richard Trumka is delivering a message to Congress: The United States needs financial reform that works, and key elements of the proposed legislation covering bank bailouts fall far short of that standard.
In testimony today before the House Financial Services Committee, Trumka said while parts of the proposed bill on financial reform bring necessary changes, the elements dealing with the “shadow financial sector”—derivatives, hedges funds, private equity and bailout funds—are going in the wrong direction. As proposed, they could put even more power into the hands of unaccountable bankers without fixing the financial sector failures that led to our current crisis.
