John

For 14 long years, a law designed to protect our money from reckless Wall Street behavior has been collecting dust. This jeopardizes your savings, your retirement, and our entire economy.

The law in question? Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Passed in 2010 in the wake of the devastating 2008 financial crisis, Section 956 was meant to be a powerful safeguard against the kind of excessive risk-taking that crashed our economy. It directed federal regulators to implement rules banning incentive-based executive pay that encourages dangerous gambling with our money.

But here's the shocking truth: the Federal Reserve has failed to put these vital protections in place. For over a decade, the Fed has left our financial system vulnerable to the same reckless behavior that cost millions their homes, jobs, and life savings in 2008.

This cannot continue. We need your help to force the Federal Reserve to act. Urge your Senators and Representative in Congress to demand meaningful action from the Federal Reserve on Section 956 now!

The consequences of this inaction are not theoretical. The 2023 banking crisis, which saw the collapse of Silicon Valley Bank and others, can be traced directly to the kind of risky behavior that Section 956 was meant to prevent.

Yet, even after this wake-up call, the Fed continues to drag its feet. When confronted about this inexcusable delay, Federal Reserve Chair Jerome Powell had no satisfactory explanation. It's clear that the Fed is prioritizing the interests of big banks over the financial security of working people.

Wall Street banks cannot be trusted to regulate themselves. They have armies of lobbyists fighting to maintain the status quo that allows them to prioritize profits over the financial stability of our nation’s economy.

It's time for Congress to step up and force the Fed's hand. They have the power to demand action, and it's our job to ensure they use it.

Tell your Senators and Representative: Demand the Federal Reserve fully implement Dodd-Frank Section 956 now.

Together, we can build a financial system that works for all of us.

- Amanda

Amanda Ford, Director
Democracy for America
Advocacy Fund