November, 19 2021, 09:13am EDT
People's Action on House Passage of President Biden's Build Back Better Act: Finish the Job
People's Action today released the following statement by Campaigns Director Sondra Youdelman after House Democrats passed President Biden's Build Back Better Act:
"People's Action applauds the House passage of the Build Back Better Act, and now it's the Senate's turn to keep their end of the bargain. There is no time to waste for the millions of people who put Democrats in office and expect us to fight for them.
WASHINGTON
People's Action today released the following statement by Campaigns Director Sondra Youdelman after House Democrats passed President Biden's Build Back Better Act:
"People's Action applauds the House passage of the Build Back Better Act, and now it's the Senate's turn to keep their end of the bargain. There is no time to waste for the millions of people who put Democrats in office and expect us to fight for them.
"President Biden and Majority Leader Schumer must ensure that Democrats pass the Build Back Better Act-without further cuts-immediately. This will be Democrats' legacy going into the 2022 midterms. We need to protect it."
People's Action builds the power of poor and working people, in rural, suburban, and urban areas to win change through issue campaigns and elections.
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President-elect Donald Trump and his advisers are reportedly considering plans to weaken—or abolish altogether—top bank regulators, including the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency.
The Wall Street Journalreported Thursday that members of Trump's transition team and the new Elon Musk-led Department of Government Efficiency have asked nominees under consideration to head the FDIC and OCC if the bank watchdogs could be eliminated and have their functions absorbed by the Treasury Department, which is set to be run by a billionaire hedge fund manager and crypto enthusiast.
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The Trump team's internal and fluid discussions about the fate of the key bank regulators broadly aligns with Project 2025's proposal to "merge the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Reserve's non-monetary supervisory and regulatory functions."
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Observers warned that gutting the FDIC and OCC could catalyze another economic meltdown.
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Eric Rauchway, a historian of the New Deal, wrote that "even Milton Friedman appreciated the FDIC," underscoring the extreme nature of the incoming Trump administration's deregulatory ambitions.
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"What you're seeing, the outpouring of anger at the insurance companies, is a reflection of how people feel about the current healthcare system."
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