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CREDO responds to reports of SEC nominations

By October 20, 2015 No Comments

FYI – In response to reports that President Obama will nominate Lisa Fairfax to the Securities and Exchange Commission, CREDO Action released the following statement:

This is a big win for progressive activists, consumer advocates and everyone that wants the SEC to do its job,” said Murshed Zaheed, deputy political director at CREDO Action. “But Wall Street’s grip on the agency is too strong to be broken overnight,” Zaheed continued. “CREDO will be stepping up our pressure on Mary Jo White and the other commissioners to hold Wall Street accountable.

Earlier this year, more than 98,000 people pushed back on reports that Keir Gumbs was being considered by signing a CREDO Action petition urging President Obama to “nominate strong, independent voices with proven records of reform to fill the two open seats on the Securities and Exchange Commission.”

More background information on CREDO’s all out fight to fix the SEC can be found below.

115,000+ PETITION PRESIDENT OBAMA TO REPLACE MARY JO WHITE AS THE CHAIR OF THE SEC : Following a scathing report from the Project on Government Oversight, more than 115,000 CREDO activists signed a petition asking President Obama to “replace Mary Jo White as Chair of the Securities and Exchange Commission with someone who will stand up to Wall Street.”

More than 1,400 PHONE CALLS TO THE WHITE HOUSE TO REPLACE MARY JO WHITE: More than 1,460 CREDO activists have also called the White House to demand new leadership at the SEC that will stand up to Wall Street.

DUMP “MARY JO” TRUCK CIRCLES WASHINGTON, DC: On the seven year anniversary of the collapse of Lehman Brothers – a key moment in a financial crash caused by greed, recklessness and outright fraud – CREDO Action launched the “Dump (Mary Jo) Truck” mobile billboard in Washington, D.C. to highlight Securities and Exchange Commission Chair Mary Jo White’s failure to effectively regulate Wall Street.

140,000+ DEMAND PUBLIC HEARINGS ON BANK WAIVERS: After Mary Jo White sided with the SEC’s Republican commissioners to grant waivers to five banks that recently pled guilty to felony charges for rigging exchange and interest rates, more than 144,000 CREDO activists demanded that the Department of Labor hold public hearings on the waivers and rigorously investigate allegations of wrongdoing before granting any exemptions in the future.”

PHONE CALLS DIRECTLY TO KEY SEC STAFFERS ON BANK WAIVERS: The SEC and its staff aren’t used to hearing from anyone but big corporations – but that changed recently. CREDO activists are now making calls to the direct phone lines of key SEC staffers urging them to immediately stop granting waivers to criminal corporations. Check out the call tool here: http://act.credoaction.com/survey/SEC_waivers_calls/

FORCED THE SEC TO FINALLY ISSUE A RULE ON DISCLOSURE OF CEO PAY: When CREDO helped pass the Dodd-Frank Wall Street Reform and Consumer Protection Act back in 2010, we didn’t know that we’d have to fight for years to get the Democratic-led Securities and Exchange Commission to write a simple rule mandated by the law. Finally, five years later, under immense pressure from activists – including more than 73,000 CREDO activists who urged the SEC to implement the rule – the SEC voted 3-2 in favor of a new rule forcing publicly listed companies to disclose how much more their CEOs make than everyday employees.

THOUSANDS OF TWEETS KEEP THE HEAT ON SEC VIA SOCIAL MEDIA: To date CREDO Action members have posted more than 6,300 tweets mentioning @SEC_news to sustain public pressure on the SEC.

CREDO Action, part of CREDO Mobile, is a social change network of 3.8 million activists, sending millions of petition signatures and more than 50,000 phone calls to decision-makers each year. CREDO Action members also participate in meetings, protests and other direct actions for progressive change.