Our Demands
The Big Banks Crashed Our Economy
Here Are Five Steps They Can Take to Begin Fixing It
Big bank greed has cost us eight million jobs and five million homes. After taking trillions in taxpayer bailouts, the big banks are again raking in billions in profits, paying out billions in bonuses, and gambling with the American Dream. Here are five steps the big banks can take to begin getting our economy back on track:
1. Fix the foreclosure crisis
Banks must stop all foreclosures until homeowners and renters have had a real chance to save their homes by paying back modified, affordable loans (or rent), with principal reductions to market value. They must write down principal amounts to market value for all underwater mortgages. Banks must also protect communities by keeping foreclosed homes in good condition and giving local governments and nonprofits a right to buy all foreclosed homes at steep discounts.
2. Invest responsibly and sustainably in our communities to create jobs
Banks must enter into Community Reinvestment agreements with local community partners to stimulate economic development and job creation in hard-hit communities across the country. They must also offer all customers sustainable mortgages and restore small business lending to pre-crisis levels. Finally, they must stop funding polluting corporations and invest in green jobs and programs.
3. Stop bankrupting taxpayers and communities
Banks must stop gouging state and local governments by profiting off of the broken public finance system. They need to let governments out of toxic swap deals without charging millions in penalties, and to provide them with affordable loans at the same low interest rates available to them from the Federal Reserve. Banks must also stop lobbying against the Wall Street trading tax and laws that protect consumers. They must also stop offering high-cost, small-dollar loans and financing corporations that do the same.
4. End discriminatory lending practices
Banks must cease all lending practices that result in fewer or lower-quality loans being made to communities of color. They must also implement programs targeting communities of color to mitigate the impact of existing disparities.
5. Provide workplace protections to employees
Banks must provide and enforce real protections to workers who blow the whistle on practices they believe to be unethical, illegal, or predatory, and they must allow workers to freely choose to form a union without intimidation, threats, or other interference from managers.
