Banking Regulations

One of our generation’s biggest challenges is to address our rising income inequality, and one primary cause is an unregulated banking industry that serves Wall Street instead of Main Street.  

 

My architect husband & I lost our jobs after the recklessness of unfettered Wall Street greed in 2007-2008 crashed our economy into the ground, and working and middle class workers had to work harder than ever before to stagger back to their feet, and then help bail out the big banks. President Obama put into place protections to prevent this from happening again when he signed Dodd-Frank into law in 2010. We all hoped we could prevent this from happening again.

However, today the six largest banks in this country are bigger than ever before, holding assets equal to about 60% of the nation’s gross domestic product. These 6 banks hold ⅔ all credit cards and 35% of all mortgages. They control 95% of all derivatives and more than 40% of all bank deposits. We are finding ourselves in a similar situation to before the last Great Recession, only the banks today are even bigger than 2008.  And the stock markets are going through the roof.

Our economy seems to be stable again, my husband & I are doing fine financially, but like deja vu, we are watching an economic bubble like never before, with big banks even bigger, stock markets even higher, which makes one wonder how steep the next crash is going to be. Under the current administration, banking regulations put in place by Obama after the last crash are again being undone:

  • Last February, after meeting with Wall Street execs, Trump signed a directive aimed directly at Dodd-Frank, giving the Treasury authority to quietly restructure major regulations.
  • Last June, the House (including DR) passed the Financial Choice Act, making it easier for Wall Street to take billions out of retirees pockets by repealing the “fiduciary rule”, which required brokers to act in best interest of clients when providing investment advice.

Trump and Rohrabacher are making it easier for billions of dollars in profit to go directly to a tiny handful of people at top, similar to the actions that led to our last financial meltdown. This is exactly why we need REAL PEOPLE in Congress - not lifelong politicians like Rohrabacher, not uber-wealthy businessmen like Trump. REAL people like you and I. I promise when I get to Washington, I will never take corporate PAC money…  and will always fight for legislation that benefits Main Street, not Wall Street. I will fight to:

  • Break up the too-big-to-fail banking institutions.
  • Reinstate Glass-Steagall to prevent banks from gambling with customers money, prohibit commercial banks from engaging in investment business.
  • Tax Wall Street speculation to make public colleges tuition-free.
  • Push for a more progressive economic structure that minimizes income inequality: simple progressive taxes, free college & health care, a new green economy, and protections for working class.

 

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