Late last night, the House of Representatives passed a $1 trillion spending package to keep the government running through September. And they included in it a Wall Street giveaway that puts taxpayers back on the hook for banks' risky bets. We need to fight.
One of the important provisions of the Dodd-Frank Wall Street reform law was pushing swaps out of taxpayer-insured depository institutions. These swaps are essentially bets on things like the prices of commodities or financial instruments.
In 2008 when banks' bets went bad, taxpayers bailed them out and ordinary Americans lost jobs, homes, and retirement savings. That's why the reforms pushed those risky activities out of the banks -- if the bets go bad, taxpayers shouldn't be at risk.
Now, in order to enrich a handful of the biggest banks in the world, the House is saying working families and small businesses across America should once again be put at risk. Let's stand up and say no. Join the conversation on Facebook and voice your concern!
Putting this Wall Street giveaway into a must-pass bill to keep the government funded is the beginning of an all-out assault to roll back the reforms and turn the keys of our economy over to Wall Street once again. We saw how that turned out last time.
We need an economy that is designed to create opportunity and success for middle class families, not one designed to enrich Wall Street at everyone else's expense.
Make your voice heard and help us spread the word on Facebook today.
This kind of stealth effort to dismantle Dodd-Frank is unacceptable - let's shine a light on this provision. Wall Street has its army of lobbyists; the American people have you. Join the conversation on Facebook and help spread the word.
Jeff
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