Tuesday, June 13, 2017

Greed is a Bottomless Pit | Tulsi Gabbard | Our Revolution #Politics

Tulsi Gabbard


As the media cameras were trained on former FBI Director Comey's hearing on Thursday, followed by hours of panel discussions about the hearings, the Republican-led House of Representatives passed a sweeping bill deregulating Wall Street big banks. This bill, which threatens the economic security of the American people, barely got a mention, if it was even noticed at all. It's almost like they completely forgot about the Wall Street crash of 2008 and the people who suffered as a result.
You know who hasn't forgotten? The more than 11 million Americans who lost their homes, the millions who lost their savings and pensions, and all those who lost their jobs. In Hawaii between 2008 and 2010, our unemployment rate more than doubled. All as a result of greedy Wall Street banks who gambled heavily on the backs of the American people, all to benefit their pockets.

The Financial CHOICE Act that passed on Thursday takes away the few protections that were in place, and deregulates the “too big to fail” banks even more. It wipes out the Volcker Rule which prevents government-insured banks from certain risky speculative investments. It lowers the amount of capital that a bank is required to maintain, placing even more of a burden on the American people who these banks rely on to bail them out. It defangs the Consumer Financial Protection Bureau's ability to regulate the big banks and payday lenders. The list goes on and on.

The Dodd-Frank Act regulations on Wall Street banks put in place after the 2008 crash did not go far enough. They did not prevent these banks that were “too big to fail” in 2008 from getting even bigger and more powerful today. It did not stop these banks from gambling on the backs of the American people. And it placed undue regulatory burdens on small, community banks, who were not the bad actors that caused the financial crisis.

We need to lessen the regulatory burden on our community banks, and strengthen restrictions and oversight of the big Wall Street banks to protect the American people from yet another economic crisis. It's why I'm pushing for the reinstatement of a stronger, 21st Century Glass-Steagall Act to separate regular commercial banking from risky investment practices.

There is no shortage of issues vying for our attention, but we have to stay focused and fight to make sure bills like this do not become the law of the land. We cannot allow our country's leaders to bring us closer to the same reckless environment that caused the economic catastrophe in 2008.

Together we can ensure that people come before profits. As always, thank you for everything that you fight for.



Out of principle, Tulsi does not accept any money from PACs, which means she needs your help more than ever.

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