Isn't this part of Bernie's campaign platform?
Covert writes: "On Tuesday, Sen. Elizabeth Warren headlined an event that
launched a new coalition calling itself 'Take On Wall Street.'"
Senator Elizabeth Warren. (photo: Michael Dwyer/AP)
Elizabeth Warren Calls on Americans to Fight Wall Street
By Bryce Covert, ThinkProgress
25 May 16
On Tuesday, Sen. Elizabeth Warren (D-MA) headlined an event that launched a
new coalition calling itself "Take On Wall Street."
The group includes lawmakers like Warren, Reps. Keith Ellison (D-MN) and
Nydia Velazquez (D-NY), labor leaders like the AFL-CIO's Richard Trumka and
the AFT's Randi Weingarten, as well as civil rights groups, community
groups, and the organizing giant Move On. It aims to put pressure on
lawmakers at all levels to pass stricter rules governing the financial
system.
Operating on two principles - "No cheating, and no pushing the risks on
taxpayers," as Warren put it - it's making five key demands: breaking up the
biggest banks; ensuring access to non-predatory banking products, including
through the United States Post Office; ending the carried interest tax
loophole that allows hedge fund managers to use a tax break for investment
income on the income they make at work; reining in executive bonuses; and
imposing a financial transaction tax.
In her remarks, Warren noted some of the accomplishments that have been
achieved under the 2010 Dodd-Frank financial reform bill, particularly the
$10.1 billion in consumer relief brought about by the Consumer Financial
Protection Bureau. But she argued that things have to go further. "We have
made a lot of progress under the Dodd-Frank financial reforms," she said.
"But we've also got a lot more to do."
In particular, she called for a reinstatement of a "21st century
Glass-Stegall," a law that previously separated riskier investment banking
activities from commercial deposits, and to "break up the big banks." Given
that banks have grown larger and more concentrated since the financial
crisis, she warned that taxpayers are still not free from the possibility of
having to bail them out again in the future. "Dodd-Frank imposed some
discipline, but let's get real," she said. "Dodd-Frank did not end too big
to fail."
She also called to "stitch up some tax loopholes," including the favorable
treatment for carried interest earned by hedge fund managers and for
executives' bonuses that are handed out even if the institutions they
oversee fail. And she called for the creation of a financial transaction tax
targeting high-frequency traders to stabilize markets while also drawing in
more government revenue.
"These changes will make our financial markets stronger and healthier, and
give working families a fighting chance to build a real future for
themselves and for their children," Warren said.
The point of the new coalition, however, is not just to lay out a policy
agenda, but to combine firepower in hopes of getting it passed. It will
target Congressional action, fights at the city and state level, as well as
a push to include the proposals in the Democratic Party platform at the
convention in July.
"Let's face it, this will not be an easy fight," Warren said, pointing to
the resources and connections that banks can wield. "But we didn't take on
this fight because it's easy, we took on this fight because it's right. If
we fight shoulder to shoulder we will win."
Ellison elaborated on what that might look like. "We are going to use our
democratic prerogative to make the high and mighty on Wall Street obey our
interests," he said. "We need a resurgence in democratic participation. We
need a resurgence of activism." That could include, he said, marching,
arrests, conversations with neighbors, and getting involved in "writing the
rules."
"We are the many and they are the money," he said. "We are going to win this
fight if we stick to it."
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Senator Elizabeth Warren. (photo: Michael Dwyer/AP)
http://thinkprogress.org/economy/2016/05/24/3781504/take-on-wall-street/http
://thinkprogress.org/economy/2016/05/24/3781504/take-on-wall-street/
Elizabeth Warren Calls on Americans to Fight Wall Street
By Bryce Covert, ThinkProgress
25 May 16
n Tuesday, Sen. Elizabeth Warren (D-MA) headlined an event that launched a
new coalition calling itself "Take On Wall Street."
The group includes lawmakers like Warren, Reps. Keith Ellison (D-MN) and
Nydia Velazquez (D-NY), labor leaders like the AFL-CIO's Richard Trumka and
the AFT's Randi Weingarten, as well as civil rights groups, community
groups, and the organizing giant Move On. It aims to put pressure on
lawmakers at all levels to pass stricter rules governing the financial
system.
Operating on two principles - "No cheating, and no pushing the risks on
taxpayers," as Warren put it - it's making five key demands: breaking up the
biggest banks; ensuring access to non-predatory banking products, including
through the United States Post Office; ending the carried interest tax
loophole that allows hedge fund managers to use a tax break for investment
income on the income they make at work; reining in executive bonuses; and
imposing a financial transaction tax.
In her remarks, Warren noted some of the accomplishments that have been
achieved under the 2010 Dodd-Frank financial reform bill, particularly the
$10.1 billion in consumer relief brought about by the Consumer Financial
Protection Bureau. But she argued that things have to go further. "We have
made a lot of progress under the Dodd-Frank financial reforms," she said.
"But we've also got a lot more to do."
In particular, she called for a reinstatement of a "21st century
Glass-Stegall," a law that previously separated riskier investment banking
activities from commercial deposits, and to "break up the big banks." Given
that banks have grown larger and more concentrated since the financial
crisis, she warned that taxpayers are still not free from the possibility of
having to bail them out again in the future. "Dodd-Frank imposed some
discipline, but let's get real," she said. "Dodd-Frank did not end too big
to fail."
She also called to "stitch up some tax loopholes," including the favorable
treatment for carried interest earned by hedge fund managers and for
executives' bonuses that are handed out even if the institutions they
oversee fail. And she called for the creation of a financial transaction tax
targeting high-frequency traders to stabilize markets while also drawing in
more government revenue.
"These changes will make our financial markets stronger and healthier, and
give working families a fighting chance to build a real future for
themselves and for their children," Warren said.
The point of the new coalition, however, is not just to lay out a policy
agenda, but to combine firepower in hopes of getting it passed. It will
target Congressional action, fights at the city and state level, as well as
a push to include the proposals in the Democratic Party platform at the
convention in July.
"Let's face it, this will not be an easy fight," Warren said, pointing to
the resources and connections that banks can wield. "But we didn't take on
this fight because it's easy, we took on this fight because it's right. If
we fight shoulder to shoulder we will win."
Ellison elaborated on what that might look like. "We are going to use our
democratic prerogative to make the high and mighty on Wall Street obey our
interests," he said. "We need a resurgence in democratic participation. We
need a resurgence of activism." That could include, he said, marching,
arrests, conversations with neighbors, and getting involved in "writing the
rules."
"We are the many and they are the money," he said. "We are going to win this
fight if we stick to it."
http://e-max.it/posizionamento-siti-web/socialize
http://e-max.it/posizionamento-siti-web/socialize
