It’s time to fix America’s rigged economy, take on Wall Street

Following is an open letter from AFL-CIO President Richard Trumka:

WASHINGTON, D.C. (May 25, 2016) — It’s been more than eight years since Wall Street sent us into the worst financial crisis since the Great Depression.

Congress passed some important reforms to rein in Wall Street greed and excess, but we still have a long way to go to make sure our political system and our economy work for working people — and aren’t rigged in favor of the wealthy and well-connected. Wall Street spends tens of millions of dollars each year to cozy up with politicians in Congress to protect their big tax and regulatory loopholes.

It doesn’t have to be this way. Today, we’re joining with Sens. Elizabeth Warren (D-Mass.) and Tammy Baldwin (D-Wis.) and tens of thousands of community activists and consumer advocates to launch a new campaign to demand that our elected leaders take on Wall Street.

Sign the petition now at TakeOnWallSt.com to tell Congress you won’t stand for Wall Street bankers and hedge fund managers rigging the political system and the economy for their benefit.

I talk to people every day who work hard but can’t seem to get ahead to make a good living and give their families the life they want. And while many of them are working long hours — and even two jobs — to make ends meet, they’re watching with disgust as CEO pay remains out of control and private equity managers continue to pay a lower tax rate than teachers, firefighters and nurses.

It’s enough to make your blood boil. That’s why we’re not going to stand for it anymore. We have an ambitious vision to bring fairness to our financial system and to make the economy work for working people. Today, we’re putting Congress on notice that it needs to take action to:

●  End the carried interest tax loophole that lets billionaire Wall Street fund managers pay taxes at a lower rate than teachers.

●  Close the CEO bonus loophole that subsidizes corporations for astronomical executive salaries.

●  Pass the 21st Century Glass-Steagall Act to make banks smaller, simpler and safer.

●  Create a tax on Wall Street’s trades that would generate billions in revenue for schools and to fix our crumbling bridges.

●  Promote affordable and fair financial services — like postal banking — so working people don’t have to rely on predatory schemes like payday loans.

Let’s come together to demand that our leaders take on Wall Street and stand up for the systemic changes that all working families deserve.

Add your name now to tell your elected officials in Congress to take on Wall Street and re-write the rules of the economy to benefit working families, not just the billionaires.

In Solidarity,

Rich
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Richard Trumka
President, AFL-CIO