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January 20, 2010
This week, some of the major banks and other financial institutions -- the same ones that received bailout money from the US government -- are announcing their 2009 profits and their bonus packages. Goldman Sachs is announcing its bonuses tomorrow, and is expected to have set aside $22 billion for compensation in 2009, more than its record amount from 2007.
These same institutions are now fighting to oppose and weaken financial reform that would finally protect consumers, strengthen our financial system, and prevent another crisis. But Rhode Island Senator Jack Reed can play a leading role in holding the banks accountable.
**Call Senator Jack Reed today at 943-3100 and ask him to keep fighting for financial reform to hold the big banks accountable and stabilize our financial system.**
President Obama has proposed a new tax on the banks that received bailout funds, and Senator Reed, who is one of the top members on the Senate Banking Committee, expressed his support for that as well.
But as the Providence Journal said in an editorial on January 19, "President Obama’s proposal to slap a new tax on the largest banks is a good way to start serious reform of the financial industry that brought the U.S. economy to the edge of ruin. But we emphasize the word 'start.'"
We need Senator Reed to champion financial reform that will protect working families and small business by reining in the greedy, reckless behavior of big banks on Wall Street that cost millions of jobs, and by cracking down on abuses committed by credit card companies and the mortgage lending industry. These reforms will strengthen our financial system and will help to prevent another financial crisis.
The reforms that the banks are fighting hardest against are the Consumer Financial Protection Agency that will truly protect Americans from unsafe financial products, as well as regulation of financial products like derivatives that are being traded without any oversight. Senator Reed has consistently called for these reforms, but he faces some resistance from other committee members who are close to the banks. That's why we need Sen. Reed to work hard to pass real financial reform.
**Call Senator Jack Reed today at 943-3100 and ask him to keep fighting for financial reform to hold the big banks accountable and stabilize our financial system.** |
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In an article about ways the General Assembly is considering to solve Rhode Island's budget crisis, the Providence Journal quotes OSA's Executive Director about our need to look at "all possible options and other ways to raise revenue" instead of exacerbating the state's upside-down tax structure that is overly dependent on property tax.
The article credits Ocean State Action with leading the fight to eliminate the alternative flat tax, a huge tax break for a tiny handful of the richest taxpayers, most of whom do not even live in Rhode Island. Even though Murphy was one of the leading forces in the passage of the alternative flat tax, he said that the Assembly will have to look at whether it's possible to keep the flat tax given the state's need for revenue.
This is a huge step forward in the fight to fix our upside-down tax structure, as it is the first time since it was enacted that a member of House Leadership has said that they are looking seriously at getting rid of the flat tax. Furthermore, the Senate Leadership has also stated that it is eyeing the flat tax.
The repeal of the flat tax is a responsible way to ensure that Rhode Island can continue to make the investments that build the foundation of a strong economy, since it is a huge tax break that benefited only 808 Rhode Islanders the last year for which data is available.
Learn more about the OSA's Campaign for Rhode Island's Priorities to fight for a more balanced tax system in the Ocean State.
If you are interested in getting involved in Ocean State Action's campaign to fix our upside-down tax system that is too dependent on property taxes, sign up here for more info. |
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December 21, 2009
When the right wing converged on health care town hall meetings in Rhode Island this summer to try and undermine public support for extending health care to all Americans, Ocean State Action was there, organizing hundreds of reform supporters to show up and be counted, not just for any reform but for real reform that made coverage affordable and held the insurers accountable.
When state legislators slipped a provision into the state budget to eliminate the office of the health insurance commissioner, Ocean State Action was there, mobilizing a wide range of allies from business to labor to health care providers to successfully preserve the office to serve as a public watchdog on insurers.
When a leading corporate lobbyist tried to once again block legislation allowing for stiffer fines for corporations who do not clean up toxic pollution in the state, Ocean State Action was there, speaking at a press conference outside of the lobbyist's office -- and helping ensure that the General Assembly finally passed the polluter fines bill in 2009.
And when three dozen Rhode Island progressive activists from unions, community and environmental organizations came together for the New Voices Campaign Leadership Program, a three-day training to learn the nuts and bolts of political campaigning, it was only because Ocean State Action was there -- leading this training to build the progressive movement.
To read more about all of the work Ocean State Action has done in 2009, click here. |
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News You Can Use in the Ocean State
- "More unionization would be good for economy," guest column by Robert Reich in the Providence Journal (February 2, 2009)
- "Class war being waged in Rhode Island," column by Jim Barron in the Pawtucket Times (January 26, 2009)
- "Gubernatorial Hoovers make it worse," guest column by Paul Krugman in the Providence Journal (January 6, 2009)
- "A call to prayer for legislators," column by Ed Fitzpatrick in the Providence Journal (January 1, 2009)
- "Guarantee health reform, not higher profits," guest column by Vivian Weisman in the Providence Journal (December 23, 2008)
Reports and Fact Sheets
Ocean State Action has compiled several reports and fact sheets relating to issues facing Rhode Island. These contain information that is essential to understanding the problems our state faces, and how we can responsibly fix them to make Rhode Island work better for everyone. The reports and fact sheets address, among other issues: the health care crisis in Rhode Island, including how it affects small businesses; tax and budget policy, with recommendations of how we can responsibly fix our state's budget deficit; and a report entitled "The Next New Deal," a comprehensive look at how the nation can get back on track for a 21st century economy. There are also links to reports and fact sheets compiled by other groups with info essential to all Rhode Islanders.
See reports and fact sheets here.
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Visit the Rhode Island Policy Reporter at What Cheer! for up-to-date policy analysis and reports.
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