Labor unions are flexing their muscle this month in scores of protests
against the country's largest banks, which are lobbying heavily to
influence financial overhaul legislation.
Unions will hold roughly 200 events by March 26 aimed at Bank of
America, Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley
and Wells Fargo.
One of the largest, with roughly 1,000 people slated to attend, is in Philadelphia on Friday and targets Bank of America.
"It's
time to create good jobs now and the big Wall Street banks that
destroyed jobs should pay to restore them," AFL-CIO President Richard
Trumka said in a statement. Trumka is scheduled to speak in
Philadelphia.
The events are part of a broader campaign to fight
Wall Street banks. Unions are strong supporters of a new tax on stock
and other financial transactions and a new agency or bureau to oversee
consumer financial protection.
Labor unions and many consumer
advocacy organizations have pushed a tax on stock transactions that
could raise billions of dollars in revenue.
Rep. Peter DeFazio
(D-Ore.) has been one of the most vocal supporters of a tax, which has
been resisted by the financial industry.
Banks and other
financial interests argue that the tax would wind up restricting the
flow of credit and hurting consumers. Unions say the tax would limit
excessive speculation in financial markets and encourage financial
firms to make longer-term investments.
Neither the House nor the Senate is planning to take up the stock transaction soon.
The
consumer protection bureau is one of the central elements of Democratic
efforts to overhaul financial regulations. Senate Banking Committee
Chairman Chris Dodd (D-Conn.) has scheduled a markup of financial
legislation for Monday.
Dodd unveiled legislation this week that
includes, among other provisions, a new consumer bureau housed at the
Federal Reserve that would have broad rulemaking and enforcement power.
The bureau is different from a standalone agency originally proposed by
President Barack Obama and passed by the House in December.
Consumer advocates and labor unions continue to favor a standalone agency.
The Hill