The Big Payback: Senate Republicans Block Wall Street Reform, Fulfill Promise to Big Bank Donors
The Big Payback: Senate Republicans Block Wall Street Reform,
Fulfill Promise to Big Bank Donors
Americans United for Change: “It’s not a question of whether Wall Street reform is going to pass -- it’s a question of how long Republicans can run from the pitch forks on Main Street.”
WashingtonDC– Americans United for Change issued the following statement from acting executive director Tom McMahon in response to the refusal tonight by Senate Republicans to allow an up-or-down on the President’s proposal for holding Wall Street accountable:
“Look up ‘Quid pro quo’ in the dictionary and you’ll find a picture of Republican Senate Minority Leader Mitch McConnell with his hand out to hedge fund managers and banking executives just days before leading the filibuster against Wall Street reform. Pretending as if the financial crisis that cost over 8 million Americans their jobs never happened, Senate Republicans today stood in unanimous support of Wall Street over the Main Streets that suffered the consequences of the big banks’ greed and recklessness.
“Senate Republicans stood in unanimous opposition to ending taxpayer bailouts, to shining a bright light on the shadowy derivatives markets, and establishing a new watchdog agency on Wall Street that will protect American consumers against Madoff-style scams. They did just what they were told by the 1,500 Wall Street lobbyists camped out their offices this week that got every dime’s worth of the $465 million they spent last year to kill reform.
“Counting on Republicans to block financial reform was the safest and surest bet Wall Street executives have made in a very long time. But, with two-thirds of American people in support of stricter regulations for banks and other financial institutions, Senate Republicans just made the riskiest gamble of their careers. In the face of overwhelming public demand that Wall Street be held accountable for laying waste to our economy, it’s not a question of whether reform is going to pass -- it’s a question of how long Republicans can run from the pitch forks on Main Street.”
BACKGROUND:
ThinkProgress, April 13th: McConnell Slams Financial Reform Bill After Meeting With Hedge Fund Managers And Other Wall Street Elites
ThinkProgress, April 22nd: VIDEO: Bank Lobbyists Huddle For Another Secret Meeting With GOP Senators
ThinkProgress, February 1st: Wall St Consultant Frank Luntz Pens Memo On How To Channel Economic Anxiety Into Protecting Wall St Abuses
TalkingPointsMemo, April 13th: GOP Echoes Luntz: Dems’ Wall Street Reform Bill Will Lead To More Bailouts
Public Citizen: ‘Those opposed to moving forward have taken 25 percent more in campaign cash’