For Immediate Release
Movement for a People’s Party launches in Colorado
as Democrats Deregulate Wall Street Again
Denver, CO — In the latest show of contempt for their constituents, Democratic U.S. senators joined the Republicans and the banking lobby yesterday to pass legislation that allows banks to racially profile their customers and significantly weakens financial protections.
In the largest rollback of the Dodd-Frank Act since 2008, the bill raises the threshold at which banks are considered “too big to fail” from banks with $50 billion in assets to $250 billion in assets, increasing the likelihood of more bailouts ahead of the next recession.
Democrats told their constituents that the bill is designed to help “community banks,” but it was widely reported that the legislation deregulates financial giants such as American Express, Barclays, CitiGroup and SunTrust.
Millions of Americans lost their jobs, their homes, and their savings in the Great Recession after the Democrats deregulated the financial industry in the 1990’s. Thanks to its 17 Democratic co-sponsors, the new bill has a filibuster-proof majority in the Senate.
This is why progressives are no longer waiting for the Democratic Party to discover its conscience and serve working people over Wall Street. Last Friday, the Movement for a People’s Party launched its Colorado chapter in Denver with several dozen people who are enthusiastic to start building a genuinely progressive party. Coloradans travelled from as far as three hours away to attend the gathering. MPP National Director Nick Brana spent the weekend meeting with public banking experts in Loveland and spoke Wednesday at a joint Working Families Party and Our Revolution candidate forum in Denver.
Voters in Colorado are disaffiliating from the Democratic and Republican parties faster than they are joining them. A statewide poll of likely voters taken last October shows that Coloradans are desperate for an alternative to the establishment parties:
- 75 percent believe that the Democratic and Republican parties care more about serving their special interests than the people.
- 81 percent believe that the Democratic and Republican parties care more about winning elections than getting things done.
- 85 percent are open to voting for independent candidates.
Working people in Colorado are calling for a major new party and the Movement for a People’s Party is answering that call.