“The Senate just voted to increase the chances your money will be used to bail out big banks again.” – Elizabeth Warren1
This is bad news: This week, Democratic defectors moved the awful Bank Lobbyist Act forward to a final vote.
The Bank Lobbyist Act cannot pass without Democratic votes. Democrats hold all the leverage, but what have they gotten in return for advancing this Wall Street giveaway? Nothing.
Political observers agree: Chuck Schumer is letting the Bank Lobbyist Act pass. But with your voice, we can send Schumer an immediate message to stiffen Democrats’ spines and stop this bank giveaway.
Sign to tell Chuck Schumer: Democrats must resist Trump’s giveaways to Wall Street – which could set up another financial crash. Use your power as Democratic leader to stop the Bank Lobbyist Act.
A lot has been happening, so let us catch you up:
Earlier this week, 17 Senate Democrats joined the GOP to advance the Bank Lobbyist Act. It would deregulate big banks and set us up for another Wall Street crash, just 10 years after the last one. And it would make it way easier for banks to racially discriminate, letting them hide whether they push communities of color into predatory loans.2
Progressives like Bernie Sanders and Elizabeth Warren are fighting hard against this bank giveaway. But they face an uphill battle against a flood of banker campaign cash. They shouldn’t also have to overcome Chuck Schumer, the most powerful Democrat in Washington, DC.
Progressive leaders and media reports are in wide agreement: Schumer may have nominally opposed this bill, but if really didn’t want it to pass he would have used his power as leader of the Democratic Caucus to stop or drastically improve it.
Instead, he’s let the #BailoutCaucus drive this disaster of a bill forward.
Sign the petition to Chuck Schumer: Use your power as leader of the Senate Democrats to stop Trump’s massive giveaway to big banks.
Here is just a small sample of the consensus that Schumer is letting the Bank Lobbyist Act pass:
Indivisible policy director Angel Padilla: “Dem leadership might be ostensibly opposed to this bill, but is LETTING this bill pass… @SenSchumer needs to be held accountable for assisting rather than resisting.”3
Politico: Schumer “stayed on the sidelines for months as the legislation made its way to the floor.”4
The New Republic: “If Schumer really wanted to stop the bill, he could certainly do more.”5
Vox: “You wouldn’t see defections on this scale… if leaders really wanted to block it. It’s an abdication of responsibility, and it’s appalling.”6
The Bank Lobbyist Act is heading toward a final vote next week. It’s not too late for Chuck Schumer to grow a spine and get Democrats to drop their support of this naked giveaway to big banks.
Sign the petition to Chuck Schumer: Use your power as leader of the Senate Democrats to stop Trump’s massive giveaway to big banks.
Sources:
1. Tweet from @SenWarren, accessed March 8, 2018.
2. HuffPost, "A Dozen Democrats Want To Help Banks Hide Racial Discrimination In Mortgages," March 1, 2018.
3. Tweet from @AngelRafPadilla, accessed March 8, 2018.
4. Politico, "Senate advances bank deregulation bill as Democrats break ranks," March 6, 2018.
5. The New Republic, "Everything Wrong With the Democrats, in One Bill," March 7, 2018.
6. Vox, "The 17 Democrats selling out on bank regulation is worse than it looks," March 6, 2018.
