Since the financial crisis, big Wall Street banks like Wells Fargo and Goldman Sachs have extracted billions in windfall gains for themselves through lower taxes, looser rules, and deliberately weakened oversight of their questionable business practices. Their gains come at the expense of our communities, White, Black and Brown, through unaffordable housing, mass incarceration and over-policing, diploma mills, predatory loans, unlivable wages, and senseless job layoffs.
We are stepping up the fight to curb the big banks’ influence in Washington and our economy. The important work of defending the Dodd-Frank Wall Street Reform Act must not be the end of the story. We need to do more to build a financial system that works for most Americans, not against them.
We are pushing to separate commercial banking from investment banking so there is a firewall between banks handling your savings and Wall Street traders; implement a public option for basic banking at the post office; enact a sales tax on Wall Street trades; end stock “buybacks” that enrich corporate executives at the expense of workers, the company, and the economy; eliminate the CEO bonus tax loophole for all executives; close the revolving door between Wall Street and Washington; and eliminate the ‘carried interest loophole, which allows financial executives to pay lower tax rates than most salaried workers, among other pressing reforms.
21st Century Glass Steagall Act of 2017 (H.R. 2585/S. 881) & Return to Prudent Banking Act of 2019 (H.R. 2176)
- Ends “Too Big to Fail” by breaking up the Wall Street mega banks, and separating “boring” depository banking from risky investment banking – making them smaller, simpler, and safer. Issue Page >
Inclusive Prosperity Act of 2019 (bill numbers TBD) & Wall Street Tax Act of 2019 (H.R. 1516/ S. 647)
- A sales tax on Wall Street trades to discourage short-term bets that destabilize markets and generate billions in new revenue for services our communities need. Issue Page >
For the People Act of 2019 (H.R. 1)
- This omnibus bill would restore voting rights to millions of Americans, crack down on dark money in elections
(including from the big Wall Street banks), and enforce greater ethics in government including closing the revolving
door between industry and Washington. Issue Page >
Executive Branch Conflict of Interest Act of 2019 (H.R. 599/S. 156, formerly Financial Services Conflict of Interest Act)
- Combats conflicts of interest by ending “golden parachute” payouts for executives who take positions in
government, often regulating their former industry. Expanded to all industries and incorporated into H.R. 1, The For
the People Act of 2019. Issue Page >
Reward Work Act of 2019 (S. 915)
- Stops allowing corporate executives to buy back billions of their own stock, juice share prices, and pass on cash to executives and wealthy shareholders. Issue Page >
Carried Interest Fairness Act of 2019 (H.R. 1735/ S. 781)
- Closes the carried interest loophole which currently allows billionaire Wall Street money managers to pay lower tax rates than nurses or construction workers. Issue Page >
Stop Subsidizing Multi-million Dollar Corporate Bonuses Act of 2017 (H.R. 399/S. 82)
- Fully closes the corporate bonus loophole, which allows corporations to deduct executive salaries above 1 million dollars from their taxable-income. Issue Page >
Expand access to fair consumer banking services through “a public option” like postal banking and public banks.