While Republicans have long claimed that the financial system in the United States have been severely overregulated since the crisis, a group of progressives who believe that Wall Street is not regulated enough has organized a coalition in hopes of getting stricter rules passed.
Sen. Elizabeth Warren (D-Massachusetts), the architect of the controversial Consumer Financial Protection Bureau that came from the Dodd-Frank Act of 2010—the focal point of Republicans’ complaints of financial industry overregulation—led the coalition on Tuesday,according to Think Progress. Also joining in were Reps. Keith Ellison (D-Minnesota) and Nydia Velasquez (D-New York) and various labor leaders, civil rights groups, and community groups.
Tuesday’s rally comes just one week after presumptive Republican presidential nominee Donald Trump announced that he would overhaul Dodd-Frank if he is elected president.
According to Warren, the coalition is operating on two key principals—“No cheating and no pushing the risks on taxpayers”—the coalition is making five key demands:
- Break up the largest banks
- Ensure consumer access to non-predatory banking products
- End the carried interest tax loophole allowing hedge fund managers to use a tax break for investment income on income they make at work
- Rein in executive bonuses
- Impose a financial transaction tax
In her address on Tuesday, Warren noted some of the accomplishments of Dodd-Frank—namely the more than $10 billion the CFPB has returned to consumers that the Bureau has deemed to have been harmed by predatory financial practices. But she said there is more to be done.
“We have made a lot of progress under the Dodd-Frank financial reforms,” she said. “But we’ve also got a lot more to do.”
Notably, Warren called for the breaking up of the country’s largest banks, because she believes that Dodd-Frank did not end “Too Big to Fail” as it professed to do.
The report noted that the point of the coalition is not just to lay out policy but to combine forces in hopes of getting that policy passed. Warren pointed out that she believes it will not be an easy fight, but “we didn’t take on this fight because it’s easy, we took on this fight because it’s right.”