Right after backing down on the shutdown fight and leaving DREAMers in the lurch, Democrats are caving yet again to Trump!
12 Senate Democrats – call them the #BailoutCaucus – are teaming up with the GOP on a bill to help Trump dismantle Dodd-Frank, Obama’s legacy-defining legislation reining in big banks.
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 led 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, and increase the risk of a future meltdown that brings more taxpayer-funded bailouts.
The New York Times is reporting that this bill is likely to get a final vote on the Senate floor within the next 3 weeks.
These Dems are probably hoping this bill will fly under the radar with everything else going on, so they’ll get big new campaign donations from bank lobbyists, and their constituents will be none the wiser.
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 12 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), and Tom Carper (D-DE).
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.
After signing the petition, please use the tools on the next webpage to share it with your friends.
This work is only possible with your financial support. Please chip in $3 now.
-- The RootsAction.org Team
P.S. RootsAction is an independent online force endorsed by Jim Hightower, Barbara Ehrenreich, Cornel West, Daniel Ellsberg, Glenn Greenwald, Naomi Klein, Bill Fletcher Jr., Laura Flanders, former U.S. Senator James Abourezk, Frances Fox Piven, Lila Garrett, Phil Donahue, Sonali Kolhatkar, and many others.
1. The Hill, “Banks are not charity cases; stop acting like they are, senators,” December 5, 2017.
2. New York Times, “Democrats Add Momentum to G.O.P. Push to Loosen Banking Rules,” January 15, 2018.