A video obtained by consumer watchdog groups Allied Progress and Americans for Financial Reform shows payday industry executives bluntly discussing how campaign contributions to the Trump campaign has bought them access to his administration. In a recent webinar, predatory lenders reveal their plan for using campaign cash to lock in a final CFPB payday rule that enriches them at consumers’ expense.
“Private equity and hedge funds now wield enormous influence over the American economy, often with terrible consequences for workers and communities,” said Lisa Donner, executive director of Americans for Financial Reform. “We need effective rules of the road to stop predatory practices by these Wall Street giants.”
Briefing on Stop Wall Street Looting Act of 2019 will be at 3pm ET. To join call RSVP to Kyra Sadovi, kyra@ourfinancialsecurity.org and dial (800) 230-1096 and ask for “Private Equity Legislation” conference call.
Over 15 major public interest groups have signed on to support the Stop Wall Street Looting Act of 2019, which was introduced today in the House and Senate.
The Stop Wall Street Looting Act would curb the worst abuses of Wall Street private equity executives by making them liable for damage they cause, protecting the interests of workers, preventing looting of target companies, and improving transparency for investors.
The $1.9 billion Wall Street poured into American politics includes contributions to campaign committees and leadership PACs ($922 million) and lobbying expenditures ($957 million). The money backed a massive rush of pro-industry nominees and legislation over the last two years, at a time when the biggest banks made $100 billion in profits for the first time.
Ten years after the financial crisis, a majority of members of the Congress that wrapped up work in 2018 voted again and again for bills pushed by the bank lobby that endanger financial stability, undermine consumer and investor protections, and enable racial discrimination in lending. The change in control of the House and a heightened awareness of the dangers posed by these actions provide an opportunity to see what changes in the 116th Congress.
Ten years after the financial crisis, a majority of members of Congress have voted again and again for bills pushed by the bank lobby that are dangerous for our financial stability, undermine consumer and investor protections, and enable racial discrimination in lending. The report, entitled “Where They Stand on Financial Reform,” lays out how each lawmaker voted.
This comprehensive guide details how members of the 115th Congress voted on bills and nominations related to financial reform.
Nearly a decade after the crisis broke, we need the public interest, not Wall Street’s narrow pursuit of maximum benefits for a tiny few to guide financial policy. But Wall Street’s money is an enormously powerful force pushing the other way.