Prominent Groups to Republicans: Stop the #BoehnerBankBailout!

Speaker Boehner and House Republicans deceived Americans by slippingin the CRomnibus a lobbyist-written provision that would allow banks to make reckless decisions and gamble with taxpayer dollars.  See what prominent organizations have to say:

From AFL-CIO:

At the request of too-big-to-fail banks, the Republican leadership is trying to sneak a provision into a last-minute deal to fund the government that will make it easier for too-big-to-fail banks to put taxpayers on the hook for their risky speculation in toxic derivatives.

Working people were profoundly harmed by the 2008 financial crisis and its continuing aftermath of mass unemployment, falling wages, the mass eviction of working people from their homes, and reduced public investment.  Derivatives were at the center of the crisis – turning a painful decline in home prices into an international financial crisis that still plagues our economy.

From Federal Deposit Insurance Corporation (FDIC) Vice Chairman Hoenig:

In 2008 we learned the economic consequences of conducting derivatives trading in taxpayer-insured banks. Section 716 of Dodd-Frank is an important step in pushing the trading activity out to where it should be conducted: in the open market, outside of taxpayer-backed commercial banks. It is illogical to repeal the 716 push out requirement.  In fact,  under 716, most derivatives -- almost 95% -- would not be pushed out of the bank.

This perilous provision opens the door to another taxpayer-funded bailout of big banks – forcing middle class families to bear the burden of Wall Street's mistakes.  It's time for Republicans to stop the #BoehnerBankBailout now!