For Immediate Release
Progressive Caucus Co-Chairs Urge No Immunity for Wall Street Banks
WASHINGTON - Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN), co-chairs of the Congressional Progressive Caucus (CPC), today released the following statement in response to the proposed $25 billion settlement currently under negotiation by the state Attorneys General and the U.S. Department of Justice with banks largely responsible for the national foreclosure crisis:
“Across the country, Americans are outraged and taking to the streets to demand accountability from the big Wall Street banks whose reckless actions cost millions of families their homes and wreaked havoc on the American middle class.
We applaud President Obama and the Justice Department for this effort to hold these banks accountable. However, a $25 billion settlement pales in comparison to the trillions of dollars in lost home equity, retirement savings and exploding public debt caused by these institutions.
We stand in support of the numerous Attorneys General that have demanded a better deal for homeowners in their states, from New York to California.
Instead of immunity for Wall Street banks, let’s stand with the American people and demand a fair deal for homeowners.”
The Congressional Progressive Caucus was established in the U.S. House of Representatives in the early 1990s. It reflects the diversity and strength of the American people, and we seek to give voice to the needs and aspirations of all Americans and to build a more just and humane society. The Co-Chairs of the 78-Member Congressional Progressive Caucus, U.S. Representatives Raúl M. Grijalva (D-Ariz.) and Keith Ellison (D-Minn.), welcome your interest in the growing Progressive Caucus.