NEW COALITION PLANS TO REFORM WALL STREET, THE BIG BANKS
May 24, 2016
(NATIONAL) -- The big money players on Wall Street may be headed for their biggest fight to date over how much power they should wield in an America that many people now believe is rigged for those at the top and especially those in the executive suites of the "too big to to fail" investment banks.
Sen. Elizabeth Warren (D-Mass.), a long time critic of Wall Street will be the headline speaker of the event Tuesday afternoon in Washington, D.C.
A media event is scheduled for Tuesday to announce the launch of a new group called Take On Wall Street, a coalition of some 20 activist groups and labor unions that is launching a new nationwide campaign to reform the financial industry in America.
Sen. Elizabeth Warren (D-Mass.), a long time critic of Wall Street will be the headline speaker of the event Tuesday afternoon in Washington, D.C. according to the Washington Post.
The story says the new group intends to take advantage of a broadly based populist anger against Wall Street and, through the combined efforts of groups like the American Federation of Teachers and the AFL-CIO and others, "produce new policy initiatives that could change the way that Wall Street works."
The report says the new group intends to:
~ Put together a powerful campaign that will impact both the U.S. Congress and lawmakers at the state level to push through financial reforms in 2017.
~ Reforms such as changing one of Wall Street's biggest perks: the issue of "carried interest," as well as reviving a version of the Glass Steagall Act which used to separate the functions of commercial and investment banks as a protection for the taxpayers and push into law a "transaction tax" which would force some Wall Street traders to pay a fee every time they buy or sell a stock or bond, much like a sales tax.
The story here quotes Lisa Donner, executive director of Americans for Financial Reform as saying the tone of the current U.S. Presidential election reminds many people of how deeply felt the frustration and anger is about the way that Wall Street has shaped the nation's economy in its own interest.
Richard Trumka, president of the labor union AFL-CIO says people are "fed up" with Wall Street writing the rules, according to the report.