VICTORY: JPMorgan Loophole Defeated

SenJeffMerkley_small

In 2010, progressive champions in the Senate, including Senator Jeff Merkley of Oregon, fought to pass the Volcker Rule firewall, which restricts high-risk trading by big banks. The rule, which is meant to protect taxpayers if Wall Street’s bad bets blow up, was met with massive opposition and political maneuvering from big bank lobbyists. That’s why Sen. Merkley started a MoveOn Petition telling Federal Reserve Chairman Ben Bernanke to keep the so-called “JPMorgan Loophole,” which would blow holes in the firewall, out of the law. More than 77,000 people signed the petition, and on December 10, five regulators—including the Federal Reserve, the Securities Exchange Commission, and the FDIC—approved a strong Volcker Rule firewall. That means that going forward, Wall Street banks will be unable to gamble like high-risk hedge funds, protecting consumers from these “swing-for-the-fences” bets that crashed the economy and caused the Great Recession.

Top Posts

+more

Take Action

+more

Support refugee children at the border

Tens of thousands of children are fleeing violence in Central America, coming to the U.S. to seek refuge. Without our help, they may have to face an immigration judge alone, without a lawyer.

Save the Senate

The latest polls show Republicans are poised to take control of the Senate this November if progressives don't show up to vote. We've got a plan that's proven to be effective, but it can't happen without you …

Residential Honey Beekeeping

Residential honey beekeeping should fall under state, not city, jurisdiction to end discrimination occurring at the city level. Management oversight should reside with the state's Beekeepers …