We’re calling for an all-out push today to stop a backroom deal that would reopen the Wall Street derivatives casino that caused so much damage in 2008, with taxpayers stuck with the bill for cleaning up the mess.
We’ve joined forces with Americans for Financial Reform in asking people to call their representative in the House – you can use the main Capitol switchboard number, 202-224-3121 – and call on Congress to reject this giveaway to Wall Street.
Activists have been fighting on two fronts to protect hard-won provisions of the Dodd-Frank financial reform act. There is an attempt to insert language into a terrorism insurance bill that would weaken rules in the financial reform bill regarding derivatives trading. That weakening effort is being led by House Financial Services Committee Chairman Rep. Jeb Hensarling. That bill was debated on the House floor today and could come up for a vote as early as this evening.
The other front is on the budget bill itself, where at the behest of Wall Street lobbyists some members of Congress are seeking to restore the ability for large banking institutions to engage in derivatives trading while being backstopped by the federal government. If there is another collapse in the derivatives market similar to the one in 2008, taxpayers would once again be stuck with bailing out the reckless gamblers.
This afternoon Sen. Elizabeth Warren has called on Congress to take those provisions out of the budget bill.
“Now, the House of Representatives is about to show us the worst of government for the rich and powerful,” she said. “The House is about to vote on a budget deal, a deal negotiated behind closed doors that slips in a provision that would let derivatives traders on Wall Street gamble with taxpayer money and get bailed out by the government when their risky bets threaten to blow up our financial system.”
Likewise, House Speaker Nancy Pelosi has called for Democrats to oppose the provision. “These provisions are destructive to middle-class families and to the practice of our democracy. We must get them out of the omnibus package,” Pelosi said in a statement.
In addition to calling members of Congress, you can sign and share this petition to demonstrate your opposition to this Wall Street backroom deal.
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
As journalists, we have a responsibility to look at hard realities and communicate them to you. We hope that you, like us, can use this information to prepare for what’s to come.
And if you feel uncertain about what to do in the face of a second Trump administration, we invite you to be an indispensable part of Truthout’s preparations.
In addition to covering the widespread onslaught of draconian policy, we’re shoring up our resources for what might come next for progressive media: bad-faith lawsuits from far-right ghouls, legislation that seeks to strip us of our ability to receive tax-deductible donations, and further throttling of our reach on social media platforms owned by Trump’s sycophants.
We’re preparing right now for Trump’s Day One: building a brave coalition of movement media; reaching out to the activists, academics, and thinkers we trust to shine a light on the inner workings of authoritarianism; and planning to use journalism as a tool to equip movements to protect the people, lands, and principles most vulnerable to Trump’s destruction.
We urgently need your help to prepare. As you know, our December fundraiser is our most important of the year and will determine the scale of work we’ll be able to do in 2025. We’ve set two goals: to raise $125,000 in one-time donations and to add 1400 new monthly donors by midnight on December 31.
Today, we’re asking all of our readers to start a monthly donation or make a one-time donation – as a commitment to stand with us on day one of Trump’s presidency, and every day after that, as we produce journalism that combats authoritarianism, censorship, injustice, and misinformation. You’re an essential part of our future – please join the movement by making a tax-deductible donation today.
If you have the means to make a substantial gift, please dig deep during this critical time!
With gratitude and resolve,
Maya, Negin, Saima, and Ziggy