Urgent: don’t let them deregulate the banks

This week, the Senate will vote on whether to unravel Wall Street reform. House Republicans voted to gut the Dodd-Frank Wall Street reform law last summer with the “Financial Choice Act,” which destroys the Consumer Financial Protection Bureau (CFPB), and deregulates banks and financial institutions.
Now, the Senate is back with its own version of Wall Street de-regulation. In another example of Republican double-think, it’s called the “Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155)”.

The new legislation allows smaller banks to engage in speculative trades, allows unchecked racial discrimination in morgage lending, allows larger banks to operate with fewer regulations; and prevents the Federal Reserve from enforcing rules equally across the board. The scary thing is that Democrats are supporting this dangerous bill, which puts us at risk of another financial crisis like the one in 2008.

Senator Feinstein has already come out against this bill, saying

“This bill will have real consequences. The nonpartisan CBO says the probability of a large bank failing or another financial crisis will go up if this bill is enacted. It appears that we’ve forgotten not only the lessons from 10 years ago, but also the devastating consequences for American families. In California, more than 2 million people were unemployed, 3.5 million mortgages were at risk and nearly 200,000 people filed for bankruptcy. We simply can’t return to that time.”

Amazingly, Senator Harris has not yet committed herself on S. 2155. We need to let her know how we feel: she must vote against this Wall Street giveaway. Don’t wait on this. The Senate starts voting procedures tomorrow afternoon.


ONE THING YOU CAN DO RIGHT NOW


Use this script to call Senator Harris and tell her she must vote no on S. 2155.

Extra credit: Call Senator Feinstein and thank her for standing up for her constituents and committing to vote no.


UPCOMING EVENTS


Fireside chat with Congresswoman Pelosi staff, a rare opportunity for “off-the-record” conversation
Thursday, March 15
6pm – 7pm
Noe Valley Library, 451 Jersey St.
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Grassroots Organizing (GO) Team in Tracy
Join Stand Up SF, Swing Left, and Tracy Democrats to get out the vote and flip a house seat!
Saturday, March 17
11am – 4pm
902 N. Central Ave. Suite 201
Tracy CA
REGISTER NOW and we’ll follow up with details.

Stand Up SF General Meeting with special guest from Moms Demand Action for Gun Sense
Sunday, March 18

Noe Valley Library, 451 Jersey St.
REGISTER NOW