Taking on Wall Street and the Big Banks
The next "train the trainer" session for CWA activists fighting for financial reform will be held in Texas in April for CWAers from Texas, Missouri, Kentucky, Michigan and Minnesota. At trainings just completed in New York, participants wrote letters to Senator Charles Schumer (D-NY) on why financial reform matters to working families.
CWA is working with Americans for Financial Reform, the AFL-CIO, digital, environmental and consumer groups and others, with these goals:
1. End "Too Big to Fail."
We must stop bankers from using ordinary, commercial deposits for risky investment banking schemes.
2. Pass the Wall Street Speculation Tax.
A very small tax on the hundreds of thousands of trades of derivatives, stocks and other investment vehicles big investors engage in every day. This destructive, high frequency trading makes money for big Wall Street interests but creates market instability that hurts ordinary Americans.
3. Get Big Money out of Politics.
Billionaires and wealthy corporations are calling the shots in our democracy, making mega-contributions and weakening the voice of everyday Americans.
4. Make Hedge Fund Managers Pay Their Fair Share.
By ending the carried interest tax loophole, hedge fund managers and others will finally start paying their fair share of taxes.
Nobel Prize winning economist Joseph Stiglitz has outlined a path forward to take on Wall Street and the Big Banks, and restore an economy that works for working people, the core of CWA's "financialization" campaign.
Stiglitz outlined an agenda that ends "too big to fail," reduces the risks in "shadow banking," increases financial market transparency, makes a more efficient payments mechanism by limiting credit and debit card fees and enhancing competition, enforces rules with stricter penalties, and reforms Federal Reserve governance.