As a highly regarded academic and scholar of the Office of the Comptroller of Currency (OCC), we know Prof. Saule Omarova will fight for real equity for our communities nationwide — instead of viewing the nation’s largest banks as “clients” of the office, as has too often been the case. Her scholarship has informed a deeper understanding of the harms from Wall Street profiteering leading the benefits of our economy to accrue to bankers and financiers, rather than working people.
At a town hall hosted by United for Respect and Americans for Financial Reform, workers and leaders across industries came out strongly in support of the Stop Wall Street Looting Act. The event focused on the devastating impact of private equity firms on the quality and quantity of jobs across industries.
AFREF joined a letter urging Ambassador Susan Rice to place a high priority on ensuring data-driven technologies, including algorithmic decision making, artificial intelligence, and machine learning increasingly used to make important decisions about people’s lives, protect civil rights, prevent unlawful discrimination, and advance equal opportunity.
“Whether it is preserving favored tax loopholes or forestalling more comprehensive reform, private fund executives spend on politics for the purpose of getting richer at the expense of everyone else,” Ricardo Valadez, private equity campaign manager at AFR, said.
Wall Street private equity and hedge funds pumped at least $627 million into the political process – campaign contributions and lobbying – during the 2019-2020 election cycle. The sum, amounting to about $858,000 each day, reflects the meteoric rise in the size and scope of the private funds industry, which has come to control vast swaths of the American economy over the last decade.
Many organizations have come out in support of the Stop Wall Street Looting Act, the first comprehensive reform of the predatory private equity industry. This legislation was introduced in Congress today.
“I would say that there is a history of dumping on the postal service, and Congress certainly hasn’t helped the situation over the years,” said Porter McConnell, campaign director of Take on Wall Street, co-founder of the Save the Post Office coalition. “That said, stepping into this history in Louis DeJoy, uniquely ill-suited to the moment.”