Before we present Our Goal for this campaign, please allow us to provide you with a little background regarding what has motivated us to initiate the campaign, etc.
The STOP Financial Crisis 2 campaign in a nutshell…
The Problem ~ According to many experts, our nation’s financial reform (which includes the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and any action taken by the White House after the financial crisis (2007-9) that was intended as finance-industry reform) has failed (or is currently failing) to achieve the goal of restoring safety and security to our nation’s financial system. This failed/failing reform leaves our nation vulnerable to another financial crisis and the resulting job-and-household-net-worth destroying recession (or worse). (Please see our FAQ page (under “Home” on the main Menu) for a sampling of these expert opinions.) And several experts have also pointed to the “power and hubris” of Wall Street firms and their undemocratic influence in Washington, which raises concerns on Main Street regarding whose needs are more of a priority in Washington — Main Street’s or Wall Street’s?
When one examines what has been achieved and what has not been achieved in the name of reform, the facts speak very loudly. Too-big-to-fail is still alive and well on Wall Street (if it were not, why would the Minneapolis Federal Reserve bank have published their “Minneapolis Plan to End Too-Big-To-Fail” in November?). The fact that no Wall Street CEO has been prosecuted for the fraud that was committed (and there was no shortage of evidence of criminal activity — experts like Phil Angelides, the Chair of the Financial Crisis Inquiry Commission, have attested publicly about that), clearly demonstrates that regulators and the FBI are incapable of protecting investors and the economy from the crises that are caused by the most destructive kind of white-collar crime — accounting control fraud — that causes financial crises (as was the case during the Savings and Loan Crisis in the 1980’s and 90’s and the Enron/Worldcom/… disasters in the early 2000’s and during the run-up to the most recent financial crisis, according to Professor William Black).
Our Proposal for A Solution ~ These problems are not unresolvable. It appears that the primary obstacle blocking the implementation of effective reform is a lack of political will in Washington (and a shortage of intestinal fortitude in standing up to Wall Street).
We (the Republic Retooled non-profit and its supporters — please see our About page for a bit more information) have no doubt that Americans on Main Street will not continue to tolerate this status quo of failed/failing reform (as we are all forced to live every day under the dark cloud of the next financial crisis). We are committed to helping these citizens by providing the tools that will be needed to build a national movement in support of the REAL (effective) reform that we so desperately need to END too-big-to-fail and END this era of regulatory and law enforcement agencies who lack the tools and the leadership they require to perform their duties in protecting investors and the nation’s economy from the looting of white-collar criminals on Wall Street. And, we have faith in the soundness of a specific financial-reform proposal — the Bank Whistleblowers United’s (BWU) 60-Day Plan (see below) — and we believe that this proposed reform will be effective in achieving the aforementioned reform objectives (and a few others) — objectives that Washington has been unable to achieve in the last six-plus years (since the signing of Dodd-Frank). (Please see our FAQ page for information about BWU and their reform proposal.)
We believe that it is imprudent and economically dangerous to continue to wait for Washington to implement effective reform. We believe that it is time for citizens to stop waiting for Washington to finish the reform they started years ago and take action to ensure that Washington implements effective reform that achieves the critically-needed reform objectives that we specified above (see Take Action, below). We are presenting the BWU Plan to citizens in California during this initial phase of the campaign and assessing the amount of support it receives. Then, if Californians succeed in passing resolutions in their local governmental bodies and in the state legislature that compels the White House and Congress to implement the BWU Plan, we will proceed with our plan for expanding the campaign nationally and begin the pursuit of the ultimate goal of that national campaign: the implementation of the BWU Plan in Washington.
UPDATE (July, 2017) — We have added a second goal for the campaign. In addition to the implementation of effective financial reform, we are now also advocating that Congress immediately pass electoral reform legislation (e.g., Professor Lawrence Lessig’s Citizen Equality Act, or something similar) to put an end in our republic to what Professor Jack Balkin refers to as “constitutional rot” – a threat that is equal to Washington’s failed financial reform, because this “constitutional rot” threatens our republic’s democratic institutions (put simply, “constitutional rot” can be described as the needs and opinions of Main Street being secondary to our representatives in Washington, while the needs/opinions of Wall Street/K Street/election-campaign funders are primary). (Note: Please see our Questionnaire, under Take Action on this website, for some recent quotes by Professor Balkin on this topic, which will serve as a very brief primer on the topic of “constitutional rot.”) The reform in our reform example – Lessig’s proposal – will achieve the following goals: “citizen funded elections… [and] limits to restrict the revolving door between government service and work as a lobbyist; ending political gerrymandering by creating multi-member congressional districts with Fair Vote’s Ranked Choice Voting Act; guarantee[ing] the equal freedom to vote [via] the Voting Rights Advancement Act of 2015 and the Voter Empowerment Act of 2015; automatic voter registration; and more. (Note: We also recommend viewing Professor Lessig’s TEDx talk on electoral reform, here: https://www.youtube.com/watch?v=PJy8vTu66tE )
Please “like” us on Facebook (which you can do in the right margin, or at the bottom of this page). And please join us as soon as you can! (Follow the progress of the campaign by signing up for occasional email updates, which you can also do in the right margin on this page – see: “Join.”) We welcome your input and any support you can offer. (Send us an email at republicretooled (at) gmail (dot) com and/or join the discussion in our Google group (search: “Republic Retooled” in Google Groups) and/or pledge to make a donation in the near future on our “Donate” page (we are not taking donations at this time).
John French, founder, Republic Retooled