Financial Accountability and Security
For years, bankers on Wall Street operated with little oversight and even less accountability. Now, hard-working Americans on Main Street are losing their savings, their pensions, their jobs, their businesses, and even their homes. All because oversight of the financial services industry was systematically dismantled through powerful lobbying campaigns and big political contributions.
But while ordinary Americans struggle to stay afloat, the Wall Street Banks are back to business as usual, getting ready to pay billions in bonuses, making profits at the expense of taxpayers who bailed them out and lobbying to stop real reform that would prevent another crisis. The nation’s six largest banks—Goldman Sachs, JP Morgan Chase, Bank of America, Citigroup and Morgan Stanley—are now on pace to pay $150 billion in bonuses and compensation in 2009. That’s 20 percent more than during the peak of the financial boom in 2006-2007. They’ve already spent more than $42 million in campaign contributions and $321 million lobbying against common sense reforms.
Our representatives in Washington have to hear from us—the people who were put at risk by the big banks. Public Citizen helped form Americans for Financial Reform, a diverse and powerful network of nearly 200 organizations representing millions of Americans. We are calling on Congress and the Obama administration to rebuild the economy on a safe, solid foundation that puts consumers, workers and their families first.
Join us and make sure that the bankers on Wall Street never again have so much control over—and so little concern for—the citizens of Main Street.