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Major newspapers are reporting that banking reform is in dire straights in the Senate due to pressure from Wall Street and its allies. The Wall Street bankers who drove our economy off a cliff are lobbying as hard as ever against financial reform. The fight now moves to the Senate where Senate Banking Chairman Chris Dodd is in charge. Bank lobbyists think that Dodd will "dance with the special interests." Tell Dodd to make protecting Main Street his legacy--not dancing with Wall Street!
Check out this new video from the Center for Media and Democracy and sign the new petition to Senate Banking Chairman Chris Dodd urging him not to cave in to efforts by the Big Banks and the right-wing to weaken his proposed bank reform bill.
WHY ARE WE SO WORRIED?
On January 6th, facing an impossibly tough re-election fight, Dodd announced that he was stepping down at the end of 2010. Politico reported that one financial service lobbyist crowed: "Now that Dodd is retiring, he can ignore the demands of the special interests on the left (consumer groups, trial bar, unions) and dance with the special interests that brought him to the dance in the first place. Us, his loyal donors in the banking community."
On Friday, the Wall Street Journal reported that Dodd was considering dropping the idea of creating an independent, stand-alone Consumer Financial Protection Agency (CFPA), empowered to crack down on banking abuses, in order to get a regulatory revamp passed this year with Republican support. Dodd is apparently considering shrinking the CFPA into a division of an already existing federal agency (no doubt one with a track-record of failing consumers.)
Your help is urgently needed to send Senator Dodd the message that his legacy should be standing up for Main Street, not dancing with Wall Street. Please help us "Fill Dodd's Dance Card" by signing the petition today!
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