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Take Action: Call Rep. Barney Frank on Financial Reform, HR 4173 - Derivatives and Hedge Funds
Congress plans to close up this chapter on financial reform (HR 4173). Whether or not strong reform will be in this bill is TBD. With the BP disaster taking up all the news, Congress isn't hearing as much from citizens, and it's making them lean towards the banks. So far, our ongoing call-in days are swaying some conferees on derivatives reform. But, Thursday conferees will vote on the two remaining structural reforms in the bill, hard leverage limits and stopping taxpayer funds for derivatives.
Can you call Rep. Frank to help ask two key questions, creatively - ask if they support 716 and leverage requirements without loopholes for hedge funds. If not, cite the finance cash and ask how many calls from citizens is it going to take to outweigh the influence big bank lobbyists have had on their position?
Make your one call right now, Rep. Barney Frank (D, MA), (202) 225-5931:
Pick from these suggestions. "Hi, My name is _____ and I care about the outcome of the financial reform bill, HR 4173. I'm frustrated by the process for fixing the big banks. Congressman Frank needs to take this seriously and come out with a strong statement that the bill should not pass without hard leverage limits, without the derivatives desk spin off and without loopholes for derivatives trades and Scott Brown's favorite banks and hedge funds. What is his position?..
Rep. Frank has received $581,899 in campaign contributions in 2010, can you tell me how many citizen calls would be helpful for Rep. Frank to keep loopholes out of the derivatives and capital requirements sections?
Thanks so much, do you think Rep. Frank can read this article from economist Jane D'Arista on reform, "Why 716 is the Indispensable Reform"? We'd be relieved to know that Rep. Frank made his decision after reading this article."
We really need you to make at least one call to Congress this week. It takes about 30 seconds to get pumped up, then you dial and call. The office person picks up, and you say your name and a few words. As you listen to the response, you will relax and can engage with them as a real person. Then you're done and you hang up feeling great. Whatever happens on the call has incredible worth.
If you have been getting these emails from us but have yet to take action, and there are thousands who haven't, please take this opportunity to get involved. We know you care, but we'll lose our chance if you don't do something today. Make the call -- it feels great!
Hard leverage requirements and stopping taxpayer funds for derivatives are important because they reduce the likelihood of the public bailing out the big banks again. Both make banks more stable, and both are strongly opposed by the financial lobbyists. But most importantly for those of us at ANWF, they represent real structural reform. ....
To get down to details: How much leverage banks put down for their bets will be debated. The good reforms are: the Collins/Speier amendments, which would force banks to hold significant leverage for their bets. We need the caps in hard; we can't just leave this to the regulators to screw up again. The other good reform is the Lincoln/Cantwell provision, that separates derivatives from federally-supported banking.
On Thursday, they will be voting on derivatives. We need to fight to close loopholes in the derivatives section of the bill. The good reforms are Volcker Rule/Merkley-Levin and the Section 716 derivatives desk spin-off. Sen. Scott Brown (remember him?) and the New Democrats caucus like Rep. Meeks are fighting to blow a loophole in the Volcker Rule to allow banks to own hedge funds. THIS WOULD BE A DISASTER.. And right now giant firms like Cargill (who are actually derivatives dealers) are posing as small farmers and "legitimate" end users to say they will be harmed by the derivatives reforms. THIS IS A LIE. A small slice of legitimate end users are exempted. Big banks, broker dealers or anyone gambling with derivatives are not.
See all the latest articles on the mobilization gaining steam here.
Please join us to organize, we are going after the big banks. Any donations go directly to supporting grassroots organizing to break up the political power of the big banks!
Thanks for everything,
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