Edward,
Last December, Citigroup lobbyists slipped a last-minute provision into
the must-pass spending bill to make it easier for the biggest banks to
get bailed out by taxpayers.
We did everything we could to stop that lousy provision. I gave
speeches, people signed petitions, groups called Congress. But it was
too late. Congress couldn’t let the government shut down.
We lost a year ago, but we did not go away quietly. Every time the
Republicans have tried to sneak another terrible provision into a bill,
you’ve helped us sound the alarm. You’ve signed petitions, made calls,
tweeted, and posted on Facebook. When two Wall Street banks threatened
to withhold their contributions to Senate Democrats because of our work,
you quadruple-matched their money. You’ve made it clear that if they
want to rig the system, we’re going to fight back.
With a must-pass spending bill on the table, the Wall Street banks came at us in full force – but
we fought them back! Yesterday, Congress passed another spending bill
without a single provision to materially weaken the rules on Wall
Street. No gutting the Consumer Financial Protection Bureau. No
tying the hands of the cops who police the big banks. No delay of a new
conflict-of-interest rule for retirement advisers.
And we did it while permanently expanding the Earned Income Tax Credit and Child Tax Credit
to
keep more than 50 million Americans – including 25 million children –
from seeing sharp cuts in their income, and preventing many of them from
falling into poverty. That’s an enormous victory for opportunity
in America. (And we got an extra $2 billion for NIH – a down payment on
a healthier future.)
Don’t get me wrong – this budget deal was a compromise, and it’s got
some really nasty stuff in it. I strongly oppose lifting the ban on
exporting crude oil. I’m deeply concerned that the cybersecurity
language threatens key privacy protections for Americans. And I gag when
I think about the billions of dollars in tax breaks going to giant
corporations.
But I’m a realist: With a Republican-controlled Senate, a
Republican-controlled House, and an army of Wall Street lobbyists
spending zillions of dollars to target Dodd-Frank and the Consumer
Agency, stopping these guys from rolling back financial reform is big
deal.
A lot of people deserve credit for this outcome. For months, Democrats
in Congress stood tough against the big banks. The Administration – from
the President and the Treasury Secretary right on down the line –
refused to bend.
And here’s the most important part: You also made this happen. This team made it happen. One financial reporter wrote yesterday:
“The days of these measures slipping through unnoticed are simply over.
One comment from Sen. Elizabeth Warren and it’s off to the races. It’s
not so much a failure of the lobbyists (though they still get the
incoming fire) as it is a complete shift in both the way the sausage
gets made and the politics surrounding the banking industry.”
Sure, this isn’t over. The Wall Street banks will be back, and they
will swing a lot of weight. And now we’ve got more work to do on climate
change, privacy, and corporate taxes. But when naysayers claim that
it’s impossible to change Washington and that we can’t beat powerful
lobbyists, remember what you accomplished this week. We’ve proven that
when we stand up and fight for America’s values, we can win.
Thank you for being a part of this. We’re stronger together.
Elizabeth
P.S. Together, our community is holding Wall Street accountable – and
we’re leveling the playing field for America’s working families. We can
celebrate our victory by continuing to grow – helping elect more Senate
Democrats willing to stand up to the powerful interests and building our
team to fight back.
Please make a donation before our December 31st deadline to help us keep fighting in 2016.
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