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CWA Urges Congress to Oppose Giveaways to Big Banks

CWA sent a letter to all members of the House of Representatives urging them to oppose three harmful bills this week that would increase the risk of another financial crisis.

Fresh off passing their corporate tax cut bill, which was a massive giveaway to banking executives paid for by working families, Congressional Republicans are moving forward with more harmful legislation that would allow Wall Street traders to operate in secret. These are the same people who have shown over and over again that they are willing to put working families' jobs and homes at risk in order to boost profits for themselves and wealthy corporate shareholders:

  • H.R. 4061 would make it more difficult to classify non-bank financial institutions like AIG as "too big to fail." Those institutions are subject to increased transparency requirements, so the bill is designed to allow big corporations to dodge these requirements.
     
  • H.R. 4293 would undermine the effectiveness of the Federal Reserve's stress tests and reduce their frequency, taking away tools and reducing the amount of information available to the Federal Reserve about bank health. 
     
  • H.R. 4790 would roll back laws that limit banks from being able to make the kind of risky speculative investments that contributed to the 2008 financial crisis.

"CWA believes strongly in the need for a resilient financial system that serves the needs of working people. These bills, instead, would increase the risk of a financial crisis that would undermine the interests of our membership," the letter read.