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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWall St. lobbyist just claimed the Constitution guarantees billions in public subsidies for banks.
Please consider signing this petition, promoted by Rootstrikers, Lawrence Lessigs 'money out of politcs' group.
https://act.demandprogress.org/sign/bank-constitutional-right-subsudy/?source=fb
Petition to the Federal Reserve:
Please move quickly to end the outdated and unnecessary giveaway of $7 billion to the biggest banks over the next 10 years and ignore Wall Streets outlandish claim of having a constitutional right to that risk-free return.
After Congress passed a law removing $7 billion in pointless public subsidies for the biggest banks, Wall Streets top lobbyist just claimed banks have a constitutional right to that free public money. Seriously.
For years, banks have gotten a guaranteed 6% dividend on stock they own in the Federal Reserve, rain or shine.
That means they make their money back over and over in addition to all the huge benefits they get from being a member bank in the Federal Reserve system.
What makes this even more spectacular for the banks and more ridiculous for the public is that its completely risk free for the banks! Even if the Fed disbanded they would get all their money back.
Democrats and Republicans agreed to repeal this wasteful subsidy and redirect the $7 billion over the next 10 years to the federal highway trust fund instead.
But Wall Street isnt happy about losing all this free money.
The countrys top bank lobbyist, Rob Nichols at the American Banking Association, wrote a letter to the Federal Reserve saying banks are constitutionally entitled to this public money and essentially threatened to sue if the Fed finalizes the rule.
Sign the petition to tell the Federal Reserve: Ignore Wall Streets ridiculous claim and end the $7 billion public subsidy to the biggest banks!
annabanana
(52,791 posts)Ba-ruh-THER!
The depths of perfidy knows no bounds.
Snarkoleptic
(5,998 posts)n/t
bemildred
(90,061 posts)They treat it like water rights, I was here first and I've been getting it, so I have a right to it forever.
"Even the slaveowners were compensated for their loss."
One_Life_To_Give
(6,036 posts)So why lend Mortgages at 4% and risk possible defaults when you have a guaranteed 6%.
How about we legislate EE's (US Savings Bonds) pay 6% minimum instead of the 0.1% rate working Americans get now?
Scuba
(53,475 posts)malaise
(269,067 posts)not for themselves or their owners.
malletgirl02
(1,523 posts)Republicans love war, but they don't care about the people who they send off to fight in them.
Scuba
(53,475 posts)Military men are just dumb, stupid animals to be used as pawns in foreign policy. ~ Henry Kissinger