Donald Trump’s allies in the Senate decided to move forward with the Bank Lobbyist Act, a bill that would massively deregulate the majority of big banks and make it easier for banks to use discriminatory and fraudulent practices.
One would think that this would be a no-brainer bill for Democrats to oppose. Democratic voters are not clamoring for bank deregulation — in fact, quite the opposite. Ten years later, many working families are still recovering from the last financial collapse caused by greedy big banks.
But 16 Senate Democrats voted to help destroy key regulations against the big Wall Street banks.
This is unacceptable. And it’s exactly the type of behavior that could reverse the “blue wave” Democrats are dreaming of in November. The young voters, voters of color and working families that the Democrats need to turn out this fall want to see representatives who will fight for them — not give everything away to Wall Street.
Here at Democracy for America, we don’t back Democrats who choose corporate interests over the needs of the public. We’re working to support progressive champions like Elizabeth Warren, Randy Bryce and Laura Moser who will take on both the GOP and the corporate-loving “centrists” who make legislation like this possible.
Can you chip in $3 or more to help DFA elect progressive Democrats in November who will fight Wall Street, not cater to them?
Speaking in opposition to the bill, Warren called out the influence of Wall Street on Democrats outright:
“There’s Democratic and Republican support because the lobbyists have been pushing since the first day Dodd-Frank passed to weaken the regulations on these giant banks.
People in this building may forget the devastating impact of the financial crisis 10 years ago, but the American people have not forgotten…the millions of people who lost their homes; the millions of people who lost their jobs; the millions of people who lost their savings, they remember and they do not want to turn lose the big banks again.”
She’s exactly right. For years now, Democrats have been too willing to snuggle up to the big banks, taking advantage of the revolving door between government and the big banks and accepting Wall Street corruption as “just the way it is.” And that is part of the reason why Democrats have lost thousands of seats at every level of government over the past decade.
We can’t afford to keep electing Democrats who are bought and owned by Wall Street. We need progressive fighters who will push back on corporate corruption in every sector, from every level of government.
DFA is backing a strong slate of inclusive, populist reformers — from Bernie Sanders to Rep. Ro Khanna — who are taking on Wall Street and concentrated corporate power. Can you chip in $3 or more right now to help us build a government that works for the people, not just the corporations?
Thanks for helping us take on Wall Street — and the Democrats who enable the big banks.
Robert Cruickshank, Senior Campaign Manager
Democracy for America