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.
BREAK UP THE BANKS
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 >
WALL STREET SALES TAX
Inclusive Prosperity Act of 2019 (H.R. 2923/S. 1587) & 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 >
STOP PRIVATE EQUITY LOOTING
- The bill addresses the predatory elements of the private equity business model that harm workers, investors, and communities.
- Specifically, it would make private equity executives legally liable for the damage they cause; stop looting that enriches PE executives at the expense of workers, communities, and businesses; close tax loopholes and change rules that encourage predatory financial activities; protect workers if employers go bankrupt; and require PE firms to be fair and transparent to investors in disclosing costs and returns.
CURB WALL STREET’S INFLUENCE IN WASHINGTON
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 >
STOP STOCK BUYBACKS
Reward Work Act of 2019 (H.R. 3355/S. 915)
- Stops allowing corporate executives to buy back billions of their own stock on the open market, juicing share prices and passing on cash to executives and wealthy shareholders. Issue Page >
CLOSE THE “CARRIED INTEREST” LOOPHOLE
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 >
REIN IN EXECUTIVE PAY
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 >
A “PUBLIC OPTION” FOR BANKING
Expand access to fair consumer banking services through “a public option” like postal banking and public banks. Issue Page >