Leading Members of Congress Propose Agenda to Take On Wall Street

Seven years ago, the Dodd-Frank act was signed into law, setting in motion measures to protect consumers and make the financial system more stable. Some lawmakers wish to turn back the clock and undo these reforms, and we are stepping up the fight to stop them.

Leaders from both the House and the Senate say it's time to pass new laws to address the predatory economic power of Wall Street banks and billionaires, and to make the financial system work for working people, not just the wealthy and the well-connected.

These members are announcing their leadership on various key ingredients of the Take On Wall Street agenda including enacting a 21st Century Glass-Steagall firewall between commercial and investment banking, closing Wall Street tax loopholes on carried interest and CEO bonuses, passing a tax on financial transactions to help pay for college affordability and other investments to help working families, and addressing the revolving door between Wall Street and government by prohibiting golden parachute pay packages for financial industry employees who go into government.

"Despite the progress since 2008, the biggest banks continue to threaten our economy," said Senator Elizabeth Warren. "For fifty years, the original Glass-Steagall Act helped produce broad-based economic growth and avoid any major financial crisis. The 21st Century Glass-Steagall Act will re-establish the wall between commercial and investment banking and make our financial system more stable and secure. Reinstating Glass-Steagall has broad bipartisan support, and it’s time to get it done."

Senator Bernie Sanders said, "One of the major reasons why the middle class is collapsing and the gap between the rich and everyone else is growing wider and wider is because of the greed, recklessness, and illegal behavior on Wall Street. If we are serious about reforming our financial system, we have got to establish a tax on Wall Street speculators. Not only would this tax discourage reckless gambling on Wall Street and encourage investments in the job creating productive economy, it would raise the revenue we need to make public colleges and universities tuition free for working families. I am proud to have introduced the Inclusive Prosperity Act with Congressman Keith Ellison to do exactly that."

Tell your Member of Congress to Take On Wall Street by clicking here.