{
"type": "rich",
"version": "1.0",
"provider_name": "Action Network",
"provider_url": "https://actionnetwork.org",
"html": "",
"author_name": "Americans for Financial Reform",
"author_url": "https://actionnetwork.org/groups/afr-advocacy-fund-c4",
"title": "Demand Congress Force the Federal Reserve to Take Action on Dodd-Frank Section 956 Now",
"thumbnail_url": "https://can2-prod.s3.amazonaws.com/groups/default_facebook_images/000/014/858/original/AFR_Action_Network_Default_(1).png?1738796429",
"description": "An important provision of the Dodd-Frank legislation passed after the 2008 financial crisis was designed to curb the excessive risk-taking that many Wall Street CEOs had engaged in leading up to the crisis. Section 956, as it’s known, directed federal regulators to implement rules banning incentive-based executive pay that tends to encourage risky behavior. However, 14 years later, no such rule has been implemented. Even after the 2023 banking crisis -- which can be traced directly to risky behavior on the part of executives at Silicon Valley Bank, and others -- we still don’t have regulations in place to protect consumers, depositors, and the public from executives’ excessive risk-taking. Earlier this month, Federal Reserve Chair Jerome Powell appeared before Congress with no good explanation. Senators Brown, Warren, and Van Hollen asked pointed questions about Section 956. Senator Warren pointed out the obvious when she said “Chair Powell, I understand why the 10 biggest banks in the country like your approach -- you let them do whatever they want. But you don't work for the giant banks; you work for the American people. I urge you to do your job.” Like Senator Warren said -- Wall Street Banks cannot be trusted to regulate themselves, and the Fed’s lack of real action is unacceptable -- so we’re mounting a campaign to get Congress to pressure the Fed to finally do its job and fully implement the rule as mandated by the Dodd-Frank Act. Click “start writing” to send letters to your Senators and Representative in Congress and tell them to demand meaningful action from the Federal Reserve on Section 956! [1] Twitter: Take On Wall Street, July 10 2024 [2] Twitter: Take On Wall Street, July 9 2024",
"url": "https://actionnetwork.org/letters/demand-action-on-dodd-frank-section-956"
}