A New Campaign to Hold Wall Street Accountable Emerges

A New Campaign to Hold Wall Street Accountable Emerges

A New Campaign to Hold Wall Street Accountable Emerges

Take on Wall Street sets the stage for the next wave of financial reform.  


Wall Street’s big banks remain too big to fail and its bankers apparently too big to jail. If Wall Street is ever once more to serve Main Street rather than sabotage it, citizens will have to do the heavy lifting. Last week, a three-judge panel of the US Court of Appeals for the 2nd Circuit overturned a verdict against Bank of America for falsely peddling lousy mortgage loans, showing yet again that the Justice Department and courts have offered no remedy for what the FBI once warned was an “epidemic of fraud.” At the same time, Senator Elizabeth Warren (D-MA) called out Wall Street lobbyists who were “swarming this place,” pressing Congress to slip bank-friendly riders into must-pass legislation.

Last week, 20 national organizations—including some of the Democratic party’s biggest traditional backers, from the American Federation of Teachers and the AFL-CIO to the Communications Workers of America—launched the Take on Wall Street initiative. Warren, joined by Congressional Progressive Caucus co-chair Representative Keith Ellison (D-MN) and AFL-CIO President Richard L. Trumka, among others, helped launch the effort. The first round of financial reform made some progress, but, as Warren put it, “Let’s get real: Dodd-Frank did not end too big to fail. If you think it did, stand on your head, because you are looking at the world upside-down.”

Take on Wall Street calls for a five-step agenda for the next wave of financial reform: Break up the big banks and pass a 21st-century Glass-Steagall wall separating consumer banking from the banks’ speculative gambles; pass a financial speculation tax that would help curb high-speed speculative trading and raise funds for vital investments; close the “carried interest loophole,” which allows hedge fund traders to pay a lower tax rate on their earnings than teachers; eliminate the tax deduction for CEO “performance” bonuses to curb excessive CEO pay; and crack down on payday lenders and create “public option” banking services through the US Postal Service.

Read the full text of Katrina’s column here.

Dear reader,

I hope you enjoyed the article you just read. It’s just one of the many deeply reported and boundary-pushing stories we publish every day at The Nation. In a time of continued erosion of our fundamental rights and urgent global struggles for peace, independent journalism is now more vital than ever.

As a Nation reader, you are likely an engaged progressive who is passionate about bold ideas. I know I can count on you to help sustain our mission-driven journalism.

This month, we’re kicking off an ambitious Summer Fundraising Campaign with the goal of raising $15,000. With your support, we can continue to produce the hard-hitting journalism you rely on to cut through the noise of conservative, corporate media. Please, donate today.

A better world is out there—and we need your support to reach it.


Katrina vanden Heuvel
Editorial Director and Publisher, The Nation

Ad Policy