The tide is now turning towards real financial reform:
- In a major development, Senator Harry Reid is now supporting breaking up the giant banks and auditing the Fed
- Number two Senate majority leader, Sen. Dick Durbin (D-Ill.), came out Tuesday in favor of a far-reaching amendment that would break up big banks and cap their size (the Brown-Kaufman amendment)
- Senator Feingold has announced that he will filibuster and financial regulation which does not include serious banking reform
I asked a friend on the hill – a top aide to a very important Congress member – whether people would be wasting their time by calling their Senator. I explained that many people called and demanded that the U.S. not invade Iraq, but that Congress just ignored us. I said that many people feel that traditional political activism, like phonecalls, can’t work, as the level of political corruption is too high.
He responded that given the bipartisan support of many congress people and the American people for financial reform, this is very different from Iraq.
He urged everyone to call their Senators and demand the giant banks be broken up and the Fed be audited.
Senator Sanders’ bill to audit the Fed will probably be voted on today. Please call your Senator now.