Check the Big Banks

From the AFL-CIO

Over the past several weeks, Republican leadership in Congress and the Trump administration have weakened our financial security by loosening rules that protect our economy from Wall Street bankers, opening the door for banks to discriminate and making it easier for Wall Street bankers to gamble with the savings of hardworking families.

America’s working families know that holding big banks accountable is essential to winning new economic rules that put Main Street first.

The right financial regulatory system will put Wall Street to work for working people, not the other way around.

The AFL-CIO is building a powerful and independent political movement to win commonsense financial rules that will keep big banks in check.

Break up big banks. Too few banks control too much of America’s financial system, which is risky because if they fail, they will bring down all of us.

Uphold the power of worker capital. Instead of making it harder for union members’ pension plans to have a say on corporate behavior, we should empower them to hold corporations accountable.

End racial discrimination. We want to make sure lenders don’t prey on people of color, the elderly or the poor by imposing unjustifiable fees, higher rates and other extra costs.

Democrats and Republicans alike are on notice. It’s time for new economic rules, so working families and our communities can thrive.

***

Posted In: From AFL-CIO, Union Matters

Union Matters

America’s Wealthy: Ever Eager to Pay Their Taxes!

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Why do many of the wealthiest people in America oppose a “wealth tax,” an annual levy on grand fortune? Could their distaste reflect a simple reluctance to pay their fair tax share? Oh no, JPMorganChase CEO Jamie Dimon recently told the Business Roundtable: “I know a lot of wealthy people who would be happy to pay more in taxes; they just think it’ll be wasted and be given to interest groups and stuff like that.” Could Dimon have in mind the interest group he knows best, Wall Street? In the 2008 financial crisis, federal bailouts kept the banking industry from imploding. JPMorgan alone, notes the ProPublica Bailout Tracker, collected $25 billion worth of federal largesse, an act of generosity that’s helped Dimon lock down a $1.5-billion personal fortune. Under the Elizabeth Warren wealth tax plan, Dimon would pay an annual 3 percent tax on that much net worth. Fortunes between $1 billion and $2.5 billion would face a 5 percent annual tax under the Bernie Sanders plan.

***

More ...

No Such Thing as Good Greed

No Such Thing as Good Greed