June, 07 2016, 03:00pm EDT
Hensarling's Plan to Deregulate Wall Street Would Bring Disaster
Statements from Public Citizen Experts
WASHINGTON
This morning, U.S. House Financial Services Committee Chair Jeb Hensarling (R-Texas) delivered the outline of a major financial deregulation plan, which he has misleadingly named the CHOICE Act.
"Hensarling's plan would be abysmal for the Main Street economy. Eviscerating the most important legacy of the Obama administration, namely U.S. Sen. Elizabeth Warren's Consumer Financial Protection Bureau, is but one of the elements that renders this proposal nothing more than a fundraising tool for lawmakers soliciting contributions from Wall Street."
- Lisa Gilbert, director of Public Citizen's Congress Watch division
"Apparently, Hensarling believes Wall Street needs more ways to block new reforms in the courts and in Congress. The truth is that regulators have been under siege by Wall Street at every turn, and the proof is in the glacially slow pace of rulemaking authorized, and in some cases ordered, by Dodd-Frank. But that appears to be too fast for Hensarling, whose bill would make the financial rulemaking process even longer and more prone to being gamed by Wall Street."
- Amit Narang, regulatory policy advocate for Public Citizen's Congress Watch division
"Hensarling's proposal requires banks to maintain a leverage requirement of more than 10 percent. That means the difference between assets and liabilities must be greater than 10 percent of assets. However, the problem revealed by the financial crash is that assets at the big banks were found to be almost 20 percent less than reported on their books. That cuts through a 10 percent leverage ratio with mathematical, painful precision. Asking Wall Street banks to raise more capital would help, but wouldn't eliminate the extraordinary danger these institutions pose to our economy. That's why Hensarling's plan isn't a real choice. It's a retreat from regulating the very firms that brought on the biggest economic crisis in generations."
- Bartlett Naylor, financial policy advocate for Public Citizen's Congress Watch division
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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United Nations Secretary-General António Guterres stressed the "urgent need" for Israel to "de-escalate violence on all fronts."
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United Nations Secretary-General António Guterres said Thursday that he is "deeply concerned" by Israel's "recent and extensive violations of Syria's sovereignty and territorial integrity," including a ground invasion and airstrikes carried out by the Israel Defense Forces in the war-torn Mideastern nation.
Guterres "is particularly concerned over the hundreds of Israeli airstrikes on several locations in Syria" and has stressed the "urgent need to de-escalate violence on all fronts throughout the country," said U.N. spokesperson Stephane Dujarric.
Israel claims its invasion and bombardment of Syria—which come as the United States and Turkey have also violated Syrian sovereignty with air and ground attacks—are meant to create a security buffer along the countries' shared border in the wake of last week's fall of former Syrian President Bashar al-Assad and amid the IDF's ongoing assault on Gaza, which has killed or wounded more than 162,000 Palestinians and is the subject of an International Court of Justice genocide case.
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"The Syrian army abandoned its positions in the area... which potentially creates a vacuum that could have been filled by terrorist organizations," U.S. State Department spokesperson Matthew Miller said at a press briefing earlier this week. "Israel has said that these actions are temporary to defend its borders. These are not permanent actions... We support all sides upholding the 1974 disengagement agreement."
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"Killing people is not the way we're going to reform our healthcare system," he said. "The way we're going to reform our healthcare system is having people come together."
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Addressing the assassination of UnitedHealthcare CEO Brian Thompson and conversations it has sparked about the country's for-profit system, longtime Medicare for All advocate Sen. Bernie Sanders on Wednesday condemned the murder and stressed that getting to universal coverage will require a movement challenging corporate money in politics.
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"The reason we have not joined virtually every other major country on Earth in guaranteeing healthcare to all people as a human right is the political power and financial power of the insurance industry and drug companies," he told Jacobin. "It will take a political revolution in this country to get Congress to say, 'You know what, we're here to represent ordinary people, to provide quality care to ordinary people as a human right,' and not to worry about the profits of insurance and drug companies."
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"The way we're going to bring about the kind of fundamental changes we need in healthcare is, in fact, by a political movement which understands the government has got to represent all of us, not just the 1%," the senator told Jacobin.
The 83-year-old Vermonter, who was just reelected to what he says is likely his last six-year term, is an Independent but caucuses with Democrats and sought their presidential nomination in 2016 and 2020. He has urged the Democratic Party to recognize why some working-class voters have abandoned it since Republicans won the White House and both chambers of Congress last month. A refusal to take on insurance and drug companies and overhaul the healthcare system, he argues, is one reason.
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In addition to highlighting Sanders' interview on social media, Congressman Ro Khanna (D-Calif.) pointed out to Business Insider on Wednesday that "you've got thousands of people that are sharing their stories of frustration" in the wake of Thompson's death.
Khanna—a co-sponsor of the Medicare for All Act, led in the House of Representatives by Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.)—made the case that you can recognize those stories without accepting the assassination.
"You condemn the murder of an insurance executive who was a father of two kids," he said. "At the same time, you say there's obviously an outpouring behavior of people whose claims are being denied, and we need to reform the system."
Two other Medicare for All advocates, Reps. Maxwell Frost (D-Fla.) and Alexandria Ocasio-Cortez (D-N.Y.), also made clear to Business Insider that they oppose Thompson's murder but understand some of the responses to it.
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Sen. Elizabeth Warren (D-Mass.)—a co-sponsor of Sanders' Medicare for All Act—similarly toldHuffPost in a Tuesday interview, "The visceral response from people across this country who feel cheated, ripped off, and threatened by the vile practices of their insurance companies should be a warning to everyone in the healthcare system."
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Reporters Without Borders' (RSF) 2024 roundup, which was published Thursday, found that at least 54 journalists were killed on the job or in connection with their work this year, and 18 of them were killed by Israeli armed forces (16 in Palestine, and two in Lebanon).
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When counting the number of journalists killed by the Israeli army since October 2023 in both Gaza and Lebanon, the tally comes to 155—"an unprecedented massacre," according to the roundup.
Multiple journalists were also killed in Pakistan, Bangladesh, Mexico, Sudan, Myanmar, Colombia, and Ukraine, according to the report, and hundreds more were detained and are now behind bars in countries including Israel, China, and Russia.
Meanwhile, in a statement released Thursday, the International Federation of Journalists (IFJ) announced that at least 139 Palestinian journalists and media workers have been killed since the war in Gaza began in 2023, and in a statement released Wednesday, IFJ announced that 104 journalists had perished worldwide this year (which includes deaths from January 1 through December 10). IFJ's number for all of 2024 appears to be higher than RSF because RSF is only counting deaths that occurred "on the job or in connection with their work."
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