February, 03 2017, 10:00am EDT
For Immediate Release
Contact:
Lisa Gilbert, (202) 454-5188, lgilbert@citizen.org
Bart Naylor, (202) 454-5186, bnaylor@citizen.org
Don Owens, (202) 588-7767, dowens@citizen.org
Trump Executive Orders Overturning Wall Street Reform Betray Campaign Promises; Media Availability
Today, President Donald Trump is expected to issue two executive orders that direct a reversal of Wall Street reforms. In one, he is expected to ask bank regulators to review and propose a rollback of safeguards enacted in 2010 as the Obama administration's response to the worst financial crisis since the Great Depression. In a second order, he is expected to instruct the U.S. Department of Labor to delay a rule intended to protect investors from brokers who sell them overpriced investments. The experts below are available for interview or comment.
WASHINGTON
Today, President Donald Trump is expected to issue two executive orders that direct a reversal of Wall Street reforms. In one, he is expected to ask bank regulators to review and propose a rollback of safeguards enacted in 2010 as the Obama administration's response to the worst financial crisis since the Great Depression. In a second order, he is expected to instruct the U.S. Department of Labor to delay a rule intended to protect investors from brokers who sell them overpriced investments. The experts below are available for interview or comment.
"The Wall Street bankers against whom Trump ran are making policy now. The worst job-destroying economic crisis since the Great Depression was directly caused by deregulation and regulatory failure. Now the president who ran on a jobs-creation platform announces that he aims to slash the modest measures put in place to prevent a recurrence of the crisis. If Trump succeeds in rolling back Dodd-Frank rules he will rush the country straightforward into another job-killing financial crisis. This may be the most spectacular betrayal yet by the president of his voters, as he shunts aside their concerns and pushes forward the agenda of his cronies and the well-connected."
-Robert Weissman, president, Public Citizen
"Bankers that candidate Trump pledged to purge from his administration are instead now apparently, invited to bully independent regulators into a review and possible dismantlement of the guardrails established after the Wall Street crash. That will be especially cruel to those savaged by big banks and who also supported Donald Trump's candidacy."
-Lisa Gilbert, director, Public Citizen's Congress Watch division
"Delaying a rule that simply directs brokers to put their client interests ahead of their own clearly demonstrates whose side the Trump administration favors."
-Bartlett Naylor, financial policy advocate, 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.
(202) 588-1000LATEST NEWS
Reports Target Israeli Army for 'Unprecedented Massacre' of Gaza Journalists
"In Gaza, the scale of the tragedy is incomprehensible," wrote Thibaut Bruttin, director general of Reporters Without Borders.
Dec 12, 2024
Reports released this week from two organizations that advocate for journalists underscore just how deadly Gaza has become for media workers.
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).
The organization has also filed four complaints with the International Criminal Court "for war crimes committed by the Israeli army against journalists," according to the roundup, which includes stats from January 1 through December 1.
"In Gaza, the scale of the tragedy is incomprehensible," wrote Thibaut Bruttin, director general of RSF, in the introduction to the report. Since October 2023, 145 journalists have been killed in Gaza, "including at least 35 who were very likely targeted or killed while working."
Bruttin added that "many of these reporters were clearly identifiable as journalists and protected by this status, yet they were shot or killed in Israeli strikes that blatantly disregarded international law. This was compounded by a deliberate media blackout and a block on foreign journalists entering the strip."
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."
IFJ lists out each of the slain journalists in its 139 count, which includes the journalist Hamza Al-Dahdouh, the son of Al Jazeera's Gaza bureau chief, Wael Al-Dahdouh, who was killed with journalist Mustafa Thuraya when Israeli forces targeted their car while they were in northern Rafah in January 2024.
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Booze Hound! Lina Khan, Not Done Yet, Targets Nation's Largest Alcohol Seller
"The FTC is doing what our government should be doing: using every tool possible to make life better for everyday Americans," said one advocate.
Dec 12, 2024
The U.S. Federal Trade Commission on Thursday sued Southern Glazer's Wine and Spirits, alleging that the nation's largest alcohol distributor, "violated the Robinson-Patman Act, harming small, independent businesses by depriving them of access to discounts and rebates, and impeding their ability to compete against large national and regional chains."
The FTC said its complaint details how the Florida-based company "is engaged in anticompetitive and unlawful price discrimination" by "selling wine and spirits to small, independent 'mom-and-pop' businesses at prices that are drastically higher" than what it charges large chain retailers, "with dramatic price differences that provide insurmountable advantages that far exceed any real cost efficiencies for the same bottles of wine and spirits."
The suit comes as FTC Chair Lina Khan's battle against "corporate greed" is nearing its end, with U.S. President-elect Donald Trump announcing Tuesday that he plans to elevate Andrew Ferguson to lead the agency.
Emily Peterson-Cassin, director of corporate power at Demand Progress Education Fund, said Thursday that "instead of heeding bad-faith calls to disarm before the end of the year, the FTC is taking bold, needed action to fight back against monopoly power that's raising prices."
"By suing Southern Glazer under the Robinson-Patman Act, a law that has gone unenforced for decades, the FTC is doing what our government should be doing: using every tool possible to make life better for everyday Americans," she added.
According to the FTC:
Under the Robinson-Patman Act, it is generally illegal for sellers to engage in price discrimination that harms competition by charging higher prices to disfavored retailers that purchase similar goods. The FTC's case filed today seeks to ensure that businesses of all sizes compete on a level playing field with equivalent access to discounts and rebates, which means increased consumer choice and the ability to pass on lower prices to consumers shopping across independent retailers.
"When local businesses get squeezed because of unfair pricing practices that favor large chains, Americans see fewer choices and pay higher prices—and communities suffer," Khan said in a statement. "The law says that businesses of all sizes should be able to compete on a level playing field. Enforcers have ignored this mandate from Congress for decades, but the FTC's action today will help protect fair competition, lower prices, and restore the rule of law."
The FTC noted that, with roughly $26 billion in revenue from wine and spirits sales to retail customers last year, Southern is the 10th-largest privately held company in the United States. The agency said its lawsuit "seeks to obtain an injunction prohibiting further unlawful price discrimination by Southern against these small, independent businesses."
"When Southern's unlawful conduct is remedied, large corporate chains will face increased competition, which will safeguard continued choice which can create markets that lower prices for American consumers," FTC added.
Southern Glazer's published a statement calling the FTC lawsuit "misguided and legally flawed" and claiming it has not violated the Robinson-Patman Act.
"Operating in the highly competitive alcohol distribution business, we offer different levels of discounts based on the cost we incur to sell different quantities to customers and make all discount levels available to all eligible retailers, including chain stores and small businesses alike," the company said.
Peterson-Cassin noted that the new suit "follows a massive court victory for the FTC on Tuesday in which a federal judge blocked a $25 billion grocery mega-merger after the agency sued," a reference to the proposed Kroger-Albertsons deal.
"The FTC has plenty of fight left and so should all regulatory agencies," she added, alluding to the return of Trump, whose first administration saw
relentless attacks on federal regulations. "We applaud the FTC and Chair Lina Khan for not letting off the gas in the race to protect American consumers and we strongly encourage all federal regulators to do the same while there's still time left."
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As Senate Prepares for NDAA Vote, Progressive Caucus Says It Is 'Past Time' to Slash Pentagon Budget
"This legislation on balance moves our country and our national priorities in the wrong direction," said Rep. Pramila Jayapal.
Dec 12, 2024
As Senate Democrats prepared to move forward with a procedural vote on the annual defense budget package that passed in the House earlier this week, the Congressional Progressive Caucus outlined its objections to the legislation and called for the Pentagon budget to be cut, with military funding freed up to "reinvest in critical human needs."
CPC Chair Pramila Jayapal (D-Wash.) said following the passage of the Servicemember Quality of Life Improvement and National Defense Authorization Act (NDAA) for 2025 (H.R. 5009) that "it should alarm every American taxpayer that we are nearing a trillion-dollar annual budget for an agency rampant with waste, fraud, and abuse."
Jayapal, who was one of 140 lawmakers to oppose the package, emphasized that the Pentagon has failed seven consecutive annual audits.
Despite being the only federal agency to never have passed a federal audit, said Jayapal, the Department of Defense "continues to receive huge boosts to funding every year. Our constituents deserve better."
As Common Dreams reported last month, more than half of the department's annual budget now goes to military contractors that consistently overcharge the government, contributing to the Pentagon's inability to fully account for trillions of taxpayer dollars.
The $883.7 billion legislation that was advanced by the House on Wednesday would pour more money into the Pentagon's coffers. The package includes more than $500 million in Israeli military aid and two $357 million nuclear-powered attack submarine despite the Pentagon requesting only one, and would cut more than $621 million from President Joe Biden's budget request for climate action initiatives.
Jayapal noted that the legislation—which was passed with the support of 81 Democrats and 200 Republicans—also includes anti-transgender provisions, barring the children of military service members from receiving gender-affirming healthcare in "the first federal statute targeting LGBTQ people since the 1990s when Congress adopted 'Don't Ask, Don't Tell' and the Defense of Marriage Act."
"This dangerous bigotry cannot be tolerated, let alone codified into federal law," said Jayapal.
Senate Majority Leader Chuck Schumer (D-N.Y.) said Thursday that the legislation "has some very good things we Democrats wanted in it, it has some bad things we wouldn't have put in there, and some things that were left out," and indicated that he had filed cloture for the first procedural vote on the NDAA.
The vote is expected to take place early next week, and 60 votes are needed to begin debate on the package.
Sen. Bernie Sanders (I-Vt.), a longtime critic of exorbitant U.S. military spending, said in a floor speech on Wednesday that he plans to vote no on the budget.
"While middle-class and working-class families are struggling to survive, we supposedly just don't have the financial resources to help them," he said. "We just cannot afford to build more housing, we just cannot afford to provide quality childcare to our kids or to support public education, or to provide healthcare to all."
"But when the military industrial complex and all of their well-paid lobbyists come marching in to Capitol Hill," he continued, "somehow or another, there is more than enough money for Congress to provide them with virtually everything that they need."
Jayapal noted that the funding package includes substantive pay raises for service members and new investments in housing, healthcare, childcare, and other support for their families.
"Progressives will always fight to increase pay for our service members and ensure that our veterans are well taken care of," said Jayapal. "However, this legislation on balance moves our country and our national priorities in the wrong direction."
By cutting military spending, she said, the federal government could invest in the needs of all Americans, not just members of the military, "without sacrificing our national security or service member wages."
"It's past time we stop padding the pockets of price gouging military contractors who benefit from corporate consolidation," said Jayapal, "and reallocate that money to domestic needs."
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