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January 20, 2010
This week, some of the major banks and other financial institutions -- the same ones that received bailout money from the US government -- are announcing their 2009 profits and their bonus packages. Goldman Sachs is announcing its bonuses tomorrow, and is expected to have set aside $22 billion for compensation in 2009, more than its record amount from 2007.
These same institutions are now fighting to oppose and weaken financial reform that would finally protect consumers, strengthen our financial system, and prevent another crisis. But Rhode Island Senator Jack Reed can play a leading role in holding the banks accountable.
**Call Senator Jack Reed today at 943-3100 and ask him to keep fighting for financial reform to hold the big banks accountable and stabilize our financial system.**
President Obama has proposed a new tax on the banks that received bailout funds, and Senator Reed, who is one of the top members on the Senate Banking Committee, expressed his support for that as well.
But as the Providence Journal said in an editorial on January 19, "President Obama’s proposal to slap a new tax on the largest banks is a good way to start serious reform of the financial industry that brought the U.S. economy to the edge of ruin. But we emphasize the word 'start.'"
We need Senator Reed to champion financial reform that will protect working families and small business by reining in the greedy, reckless behavior of big banks on Wall Street that cost millions of jobs, and by cracking down on abuses committed by credit card companies and the mortgage lending industry. These reforms will strengthen our financial system and will help to prevent another financial crisis.
The reforms that the banks are fighting hardest against are the Consumer Financial Protection Agency that will truly protect Americans from unsafe financial products, as well as regulation of financial products like derivatives that are being traded without any oversight. Senator Reed has consistently called for these reforms, but he faces some resistance from other committee members who are close to the banks. That's why we need Sen. Reed to work hard to pass real financial reform.
**Call Senator Jack Reed today at 943-3100 and ask him to keep fighting for financial reform to hold the big banks accountable and stabilize our financial system.**
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News You Can Use in the Ocean State
- "More unionization would be good for economy," guest column by Robert Reich in the Providence Journal (February 2, 2009)
- "Class war being waged in Rhode Island," column by Jim Barron in the Pawtucket Times (January 26, 2009)
- "Gubernatorial Hoovers make it worse," guest column by Paul Krugman in the Providence Journal (January 6, 2009)
- "A call to prayer for legislators," column by Ed Fitzpatrick in the Providence Journal (January 1, 2009)
- "Guarantee health reform, not higher profits," guest column by Vivian Weisman in the Providence Journal (December 23, 2008)
Reports and Fact Sheets
Ocean State Action has compiled several reports and fact sheets relating to issues facing Rhode Island. These contain information that is essential to understanding the problems our state faces, and how we can responsibly fix them to make Rhode Island work better for everyone. The reports and fact sheets address, among other issues: the health care crisis in Rhode Island, including how it affects small businesses; tax and budget policy, with recommendations of how we can responsibly fix our state's budget deficit; and a report entitled "The Next New Deal," a comprehensive look at how the nation can get back on track for a 21st century economy. There are also links to reports and fact sheets compiled by other groups with info essential to all Rhode Islanders.
See reports and fact sheets here.
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Visit the Rhode Island Policy Reporter at What Cheer! for up-to-date policy analysis and reports.
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