Demand Progress

Tell these 17 Senate Dems: Stop helping Trump attack Obama’s Dodd-Frank Wall Street reforms

Sign the petition:

    Not ? Click here.

    We do not share your email address without your permission. We may send you updates on this and other important campaigns by email. If at any time you would like to unsubscribe from our email list, you may do so.

    Tell these 17 Senate Dems: Stop helping Trump attack Obama’s Dodd-Frank Wall Street reforms

    Petition to Senate Democrats:
    Sen. Mike Crapo’s bill attacking President Obama’s landmark Dodd-Frank Wall Street Reform Act puts consumers at risk of predatory lending and cuts away safeguards against another financial meltdown. The few minor “consumer protections” in this bill can’t hide the facts: it needlessly delivers more than two dozen deregulatory gifts to bank lobbyists, at a time banks are earning record profits. Please do everything in your power to stop the Crapo bill (S.2155) from passing.

    17 Senate Democrats – call them the #BailoutCaucus – are teaming up with the GOP on the Bank Lobbyist Act, a bill to help Trump dismantle Dodd-Frank, Obama’s legacy-defining legislation reining in big banks. The Senate is voting on it THIS WEEK. 

    Sign the petition: Tell Senate Democrats to stop helping Trump dismantle Obama’s legacy-defining Dodd-Frank Act reining in big banks.

    Dodd-Frank set up guardrail protections to prevent the kind of Too Big To Fail banking that lead to the economic crash of 2008.

    This awful legislation in the Senate (S.2155) would deregulate banks that took $47 billion in bailout funds after the 2008 crash,1 and increase the risk of a future meltdown that brings more taxpayer-funded bailouts.

    We need these #BailoutCaucus Dems to know they MUST drop their support of this bill if they don’t want a full-on revolt from their home states.

    Tell Senate Democrats: Resist Trump and Republican plans to gut Dodd-Frank.

    Banks – including smaller community banks – are making record profits. They got some of the largest giveaways in the Trump tax scam. Despite what their smooth-talking lobbyists claim, these banks don't need more deregulatory gifts at the public's expense.

    This bill from Republican bank servant Mike Crapo would blow huge holes in critical safeguards, like new loopholes in the Volcker Rule stopping banks from making risky gambles with customer deposits. And it would give the green light to Trump’s team of deregulators to eviscerate the other rules on Wall Street.

    Shockingly, its cosponsors include 13 members of the Senate Democratic Caucus: Sens. Joe Donnelly (D-IN), Heidi Heitkamp (D-ND), Jon Tester (D-MT), Mark Warner (D-VA), Tim Kaine (D-VA), Claire McCaskill (D-MO), Joe Manchin (D-WV), Angus King (I-ME),  Gary Peters (D-MI), Michael Bennet (D-CO), Chris Coons (D-DE), Tom Carper (D-DE), and Doug Jones (D-AL).2 Four additional Democrats voted to advance the bill: Sens. Maggie Hassan (D-NH), Jeanne Shaheen (D-NH), Bill Nelson (D-FL), and Debbie Stabenow (D-MI).3

    Senate Democrats need to know supporting this bill is TOXIC. Make sure every Senate Democrat knows they must reject this bill and stand up for their constituents – not bank lobbyists.

    Click here to sign: Tell Senate Democrats to block Trump’s bill to dismantle Dodd-Frank and deregulate the big banks.

     

    Sources:
    1. The Hill, “Banks are not charity cases; stop acting like they are, senators,” December 5, 2017.
    2. Congress.gov, "S.2155," accessed March 6, 2018.
    3. Senate Roll Call Vote 48, March 6, 2018.

    Click here to sign