In response to the closer alliance between Wall Street and the Trump Administration, protestors staged a marriage between Donald Trump and Wall Street on Valentine’s Day, complete with giant puppets and fake money raining down on the assembled crowd. Act.tv documented Bernie Sanders’ appearance to denounce Trump’s pretense of ‘Draining the Swamp’, and lying about his ties to Wall Street.
The Consumer Financial Protection Bureau was created in the face of industry resistance. With a Republican Congress and President Trump in the White House, it is facing an attack that could be the final blow.
In a joint statement last week, Sen. Ted Cruz and Rep. John Ratcliffe presented the Repeal CFPB Act, which targets Title X of Dodd-Frank. The congressmen claim that if passed, the Act would “free consumers and small businesses from the CFPB’s regulatory blockades and financial activism.” In fact, it would completely eliminate the CFPB as an agency. (Consumerist, Lawmakers Introduce Legislation that would Abolish the CFPB)
Should the efforts of Cruz and Ratcliffe fail, there is still House Financial Services Committee Chairman Jeb Hensarling’s plan to revise his earlier bill with the aim of weakening, if not completely destroy the CFPB and pacify banks by removing some key components of annual stress tests that evaluate how a bank will perform in a financial crisis.
In a memo to lawmakers, Hensarling outlined the details of his plan. In an article last week, Bloomberg News reported some of the specifics from the memo:
Hensarling is seeking to eliminate much of the Consumer Financial Protection Bureau’s regulatory powers, and transform it into a law enforcement agency. The memo proposes the controversial regulator only be able to pass rules that have been mandated by Congress. The plan would further restrict the agency by eliminating its authority to supervise financial firms and doing away with a public database documenting consumer complaints. (Bloomberg News, New GOP Memo Targets Stress Tests, CFPB in Dodd-Frank Changes)
Hensarling’s other proposal addresses the role of the CFPB director. He has asserted his belief that the bureau should be under the supervision of a single director, and that the director should ‘be removable by the President at-will”. (Bloomberg News) Hensarling has also announced his opinion that the current CFPB director should be fired by Trump before his term ends next summer. The Bureau is presently engaged in appealing a court ruling that would permit the President to do exactly that without cause.
At last year’s conference on Public Sector Unions, Saqib Bhatti presented on how debt has replaced income in the US economy. As debt skyrocketed, bank profits have soared, but the impacts on other parts of the economy – and particularly public workers – are negative and getting worse.
Sadiq Bhatti is the Executive Director of the ReFund America Project and a Fellow at the Roosevelt Institute. He works on campaigns to rebalance the relationship between Wall Street and local communities.
Since Trump’s election, a number of ‘new’ network and campaigns have sprung up, seemingly out of nowhere. The smallest of these groups has attracted thousands of volunteers in a short period of time. New Labor Forum compiled this list as a resource for those seeking to understand the landscape of this new wave of ‘from below’ activism.
The largest and most prominent of these is of course the recent Women’s March on Washington, which took place this past Saturday. They intend on continuing the mission of the march with actions promoted to their supporters.
It’s true that the ‘newness’ of each group is up for debate; an effort led by Michael Moore might be new, but his personal brand is not. The resource guide based group ‘Indivisible’ is new, but the founding members are congressional staffers who are known quantities to many political insiders. What is new, is that social media and the rapidly accelerating news cycle have made it possible for newly crafted brands to appear out of nowhere and engaged millions in intense, sustained activism in a matter of weeks, leaving established organizations to look for ways to connect in order to remain relevant.
One Hundred Days of Resistance
He is calling for actions during the first 100 days and releasing his new film TrumpLand.
Beau Willimon and Action Group Network
They are creating a national network of Action Groups to foster a ‘culture of change’. Groups are organized by location and issue. (Willimon is a screenwriter for House of Cards.)
Women’s March 10 Actions 100 Days
A continuation of the project started by the Women’s March on Washington. They will post actions to their website over Trump’s first 100 days in office.
‘A practical guide for resisting the Trump Agenda’ written by Congressional staffers. They seem very open to comments and ideas for improving the guide, which is published online.
Democratic Coalition Against Trump
Also known as DCAT, they formed initially to prevent Trump from getting elected. Their new mission is holding the Trump and his administration accountable along with any elected officials who support him.
The Sister District Project
They are working to ensure the voting protections of all American citizens by using the resources of progressive districts.
Trump Resistance Movement
A facebook page dedicated to the peaceful resistance against the intolerance coming from the Trump Administration
Knock Every Door
launching nationwide, volunteer-led canvasses to organize our communities against Trump, starting right after the inauguration on January 20
Rise When We Fall
A citizen watchdog organization enabling Americans to take action against the Trump Administration and Congress, as well as local and state governments.
2 Hours a Week
A community fostering a new level of civic engagement following the 2016 election by offering you 2 hours a week of tangible action.
Swing Districts are places where the winner of the last House of Representatives election was determined by a thin margin. Swing Left helps you find and commit to supporting progressives in your closest Swing District so that you can help ensure we take back the House in 2018.
Organizer’s Roundtable is a people-powered movement that formed in the wake of the 2016 US elections as a response to threats to our communities, our rights, and our freedoms.
LittleSis is the snarky alternative to Big Brother – a way for the little people to watch the powerful. A project of Public Accountability Project, a public watchdog group, LittleSis is a tool for conducting research on corporate power and the wealthy, to track corruption and conflicts of interest.
As the names of cabinet appointments have been made public, LittleSis has been posting reports about the relationships between nominees and corporate entities, to help the public better understand who and what they represent.
The City Is the Factory examines the “relocation of the space of protest from the factory to the city . . . see[ing] in it a shift that is both historically distinct and politically significant. Across these city-oriented struggles, [the book’s essay’s] focus on the increasing prominence of what Henri Lefebvre called “right to the city” demands and...
Volume 26 Issue 1 Winter 2017
From the Editorial Team
Under the Radar
By Sarah Jaffe
Unreported and under-reported news and views that matter.
On the Contrary
Did the Sanders Campaign Represent a Missed Opportunity for the U.S. Labor Movement? A Debate
By Larry Cohen
By Randi Weingarten and Leo Casey
By J. Phillip Thompson
What are the prospects of an urban populism that requires people of color and white millennials to combine forces?
Victory at Verizon: The Anatomy of a Strike
By Dan DiMaggio
Why the Verizon strike is a wake-up call for the labor movement facing technological change.
Milking Workers, Breaking Bodies: Health Inequality in the Dairy Industry
By Julie C. Keller, Margaret Gray, and Jill Lindsey Harrison
Will justice come to the new factories in the field?
Trust-Busting: Labor’s Forgotten Cause
By Carl T. Bogus
Workers should make common cause with consumers to break up corporate monopolies.
How Veterans Are Losing the War at Home: Making America Pain-Free for Plutocrats
and Big Pharma, but not Vets
By Ann Jones
Corporate America’s campaign to dismantle the public health care system for veterans.
By Paul T. Christensen
Can Russian workers stand up to the Putin oligarchy?
Prison Guard Unions and Mass Incarceration: Prospects for an Improbable Alliance
By Austin McCoy
Can prisoner and their guards unite against the prison-industrial complex?
Income Inequality and Urban Displacement: The New Gentrification
By Karen Chapple
Is the affordable housing crisis really an income crisis?
By Sean Sweeney
Roots of Rebellion: A Guide to Insurgencies from Coast to Coast
Is This How You Treat a Guest? Seafood Processing Workers Organize to Change Low-Road Labor Laws
By Mariya Strauss
Organized Money: What Is Corporate America Thinking?
Gutting the Consumer Financial Protection Bureau
By Max Fraser
Books and the Arts
Crook County: Racism and Injustice in America’s Largest Criminal Court
By Nicole Gonzalez Van Cleve
Reviewed by Zohra Ahmed
Beg, Borrow, or Steal
Between Debt and the Devil: Money, Credit, and Fixing Global Finance
By Adair Turner
How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
By Mehrsa Baradaran
Reviewed by Andrew Elrod
Life Beyond Liberalism
The Future We Want: Radical Ideas for the New Century
Edited by Sarah Leonard and Bhaskar Sunkara
Reviewed by Kate Aronoff
The Third Reconstruction: Moral Mondays, Fusion Politics, and The Rise of a New Justice Movement
By William Barber (with Jonathan Wilson-Hartgrove)
America’s Social Arsonist: Fred Ross and Grassroots Organizing in the Twentieth Century
By Gabriel Thompson
Reviewed by Steve Early
Out of the Mainstream: Books and Films You May Have Missed
By Matt Witt
The City in Which I Love You
By Li-Young Lee
Letter to the Editor
Click image to watch video.
A discussion between Laura Flanders, Jamilah King, Harold Meyerson, and Julio Ricardo Varela
To what degree is the election outcome largely a result of an anxious and enraged white working class, sections of which either endorse the Trump campaign’s virulent racism or are willing to overlook it in favor of his tough talk on free trade and a rigged political system? How should labor and progressive activists understand and respond to the racism the campaign both fueled and exposed? What did the 2016 election tell us about the wisdom and viability of the Obama coalition, which depends on demographic changes presumed to be advantageous, rather than on birthing a multi-racial working-class? What was the nature and extent of organized labor’s impact on the election, particularly in the rust belt?
New Labor Forum Editor Paula Finn and Harold Meyerson, Executive Editor of The American Prospect, discuss the unintended negative impact former President Bill Clinton had on Hillary Clinton’s campaign, whether or not Bernie Sanders would have been able to defeat Trump, and the state of the Obama coalition without President Obama at its head.
U.S. Sen. Elizabeth Warren gives remarks to the AFL-CIO Executive Council concerning the 2016 presidential election.