Stand With Sen. Warren: Tell Senate Democrats Not To Sabotage Wall Street Cops

Excerpt from: CREDO Action

Stand with Sen. Warren: Tell Senate Democrats not to sabotage Wall Street cops.

Apparently, if there is one thing that promotes bipartisanship in Washington, it’s delivering handouts to Wall Street.

A handful of Senate Democrats is teaming up with Republicans on legislation to undermine Wall Street cops and sabotage financial regulation. It would drown new rules in red tape, give politicians more freedom to pressure independent regulators, and even potentially create a commission of political appointees to target and repeal common-sense rules.1 The New York Times Editorial Board says that if these provisions become law, “the winners would be big banks and big businesses. The losers would be ordinary Americans.”2

Sen. Elizabeth Warren is fighting back, declaring that the package “heads in the wrong direction, giving lobbyists and lawyers more chances to block outcomes they don’t like.”3 We need to show that we stand with her, and not with Senate Democrats who want to help Wall Street at our expense.

The strategy of undermining regulators with “cost-benefit analyses” is the brainchild of conservative lawyer Eugene Scalia, the son of extreme right-wing Supreme Court Justice Antonin Scalia.4 CREDO members and our allies have fought off similar packages in the past. But a handful of corporate Democrats – including Sens. Mark Warner of Virginia and Heidi Heitkamp of North Dakota – keep plotting with Republicans to help sabotage the financial cops-on-the-beat.5

We need reforms that will break up the big banks, close corporate tax loopholes, and keep big companies from jacking up prices and exploiting consumers.

But this package does just the opposite. It would:

  • Give lobbyists more power, by making the process to create new rules on big corporations more complicated, with more opportunities for well-funded lawyers to file lawsuits to gum up the works.6
  • Undermine regulators with unnecessary red tape, demanding time-consuming extra work from regulators under the guise of “cost-benefit” analysis, and even creating a new division of the Congressional Budget Office that would have to review rules before they can go into effect.7
  • Sabotage financial regulation with a commission of political appointees that would target regulations for Congress to repeal, a new mandate that rules on corporations would have to be reviewed every 10 years with the potential for repeal (unlike tax cuts for corporations), and more.8

Strong regulators are essential to make sure capitalism works and America stays strong and healthy. They make sure markets are fair, protect our air and our water, and ensure that we’re not taken advantage of giant corporations or gouged by Wall Street banks. We need to reform and strengthen our regulators and make sure they are always working for us, not tie up their hands.

Conservatives have promoted “cost-benefit” analysis as a way to paralyze the people who keep us safe, and Democrats should not be helping. This package is so extreme, even Wall-Street-friendly regulators like Securities and Exchange Commission Chair Mary Jo White oppose it.9

According to the New York Times, supporters still need two more Democrats to endorse this package in order to avoid it being blocked on the senate floor.10 We need to make sure that doesn’t happen.

  • Stand with Sen. Warren by petitioning Senate Democrats:
    “Don’t make it harder for regulators to protect Americans. Oppose attempts to undermine the work of corporate regulators and financial cops with new rules imposing “cost-benefit” analyses, extra commissions, sunset clauses, or any provisions.”

Tell Senate Democrats not to sabotage Wall Street cops. Go to the below to sign the petition:

Thank you for speaking out,

Murshed Zaheed, Deputy Political Director
CREDO Action from Working Assets

Victoria Finkle, “Proposed Legislation Would Add Scrutiny of Wall Street Regulators,” The New York Times, January 19, 2016.
The New York Times Editorial Board, “Deregulating Corporate America,” The New York Times, January 19, 2016.
Finkle, “Proposed Legislation Would Add Scrutiny of Wall Street Regulators.”
Patrick Caldwell, “Did You Know That Antonin Scalia’s Son Is Sabotaging Wall Street Reform?” Mother Jones, July-August 2014 issue.
Finkle, “Proposed Legislation Would Add Scrutiny of Wall Street Regulators.”

© 2016 CREDO. All rights reserved.


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