[...], Last December, Citigroup lobbyists slipped a last-minute provision into the must-pass spending bill to make it easier for the biggest banks to get bailed out by taxpayers.
We did everything we could to stop that lousy provision. I gave speeches, people signed petitions, groups called Congress. But it was too late. Congress couldnt let the government shut down.
We lost a year ago, but we did not go away quietly. Every time the Republicans have tried to sneak another terrible provision into a bill, youve helped us sound the alarm. Youve signed petitions, made calls, tweeted, and posted on Facebook. When two Wall Street banks threatened to withhold their contributions to Senate Democrats because of our work, you quadruple-matched their money. Youve made it clear that if they want to rig the system, were going to fight back.
With a must-pass spending bill on the table, the Wall Street banks came at us in full force but we fought them back! Yesterday, Congress passed another spending bill without a single provision to materially weaken the rules on Wall Street. No gutting the Consumer Financial Protection Bureau. No tying the hands of the cops who police the big banks. No delay of a new conflict-of-interest rule for retirement advisers.
And we did it while permanently expanding the Earned Income Tax Credit and Child Tax Credit to keep more than 50 million Americans including 25 million children from seeing sharp cuts in their income, and preventing many of them from falling into poverty. Thats an enormous victory for opportunity in America. (And we got an extra $2 billion for NIH a down payment on a healthier future.)
Dont get me wrong this budget deal was a compromise, and its got some really nasty stuff in it. I strongly oppose lifting the ban on exporting crude oil. Im deeply concerned that the cybersecurity language threatens key privacy protections for Americans. And I gag when I think about the billions of dollars in tax breaks going to giant corporations.
But Im a realist: With a Republican-controlled Senate, a Republican-controlled House, and an army of Wall Street lobbyists spending zillions of dollars to target Dodd-Frank and the Consumer Agency, stopping these guys from rolling back financial reform is big deal.
A lot of people deserve credit for this outcome. For months, Democrats in Congress stood tough against the big banks. The Administration from the President and the Treasury Secretary right on down the line refused to bend.
And heres the most important part: You also made this happen. This team made it happen. One financial reporter wrote yesterday:
The days of these measures slipping through unnoticed are simply over. One comment from Sen. Elizabeth Warren and its off to the races. Its not so much a failure of the lobbyists (though they still get the incoming fire) as it is a complete shift in both the way the sausage gets made and the politics surrounding the banking industry.
Sure, this isnt over. The Wall Street banks will be back, and they will swing a lot of weight. And now weve got more work to do on climate change, privacy, and corporate taxes. But when naysayers claim that its impossible to change Washington and that we cant beat powerful lobbyists, remember what you accomplished this week. Weve proven that when we stand up and fight for Americas values, we can win.
Thank you for being a part of this. Were stronger together.
Elizabeth
P.S. Together, our community is holding Wall Street accountable and were leveling the playing field for Americas working families. We can celebrate our victory by continuing to grow helping elect more Senate Democrats willing to stand up to the powerful interests and building our team to fight back. Please make a donation before our December 31st deadline to help us keep fighting in 2016.