AFL-CIO Launches Nationwide Campaign for Good Jobs NowDate Posted:03/12/2010
As part of a nationwide grassroots campaign to create good jobs, the AFL-CIO is launching two weeks of rallies and demonstrations across the country at branches and headquarters of the Big Six Wall Street banks—Bank of America, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo/Wachovia. Beginning March 15, the campaign will put the anger of hard-working Americans into action at over 200 events, where they will join with community allies to say "it's time to create good jobs now and the big Wall Street banks that destroyed jobs should pay to restore them," according to Richard Trumka, president of the 11.5 million-member AFL-CIO.
Trumka said working Americans have three demands of the banks: " Stop refusing to pay your fair share to restore the jobs you destroyed, stop fighting financial reform and start lending to your communities, small businesses and others starved for credit."
Wall Street's actions are credited with plunging the U.S. into the worst financial crisis since the Great Depression, destroying jobs and livelihoods. Despite receiving taxpayer bailouts, leading banks have not resumed lending to their communities and have refused to modify home mortgages.
"While millions of Americans continue to lose their homes, their jobs and their retirement saving, it's been business as usual for Wall Street doling out record pay and bonuses to their CEOs," Trumka said.
The AFL-CIO supports four proposals for banks to pay a fair share to restore the economy: fees on Wall Street banks to pay back the cost of the bank bailout; a special levy on Wall Street bonuses, as proposed in the United Kingdom; a tax on the income of hedge fund and private equity managers, the wealthiest people in the country, at ordinary income rates, by closing the carried interest loophole and a financial speculation tax that would be internationally adopted by the world's major financial market countries.
Good Jobs Now: Make Wall Street Pay events call on the big Wall Street banks to pay for a major jobs plan to rebuild crumbling infrastructure and invest in green technology; increase aid to state and local governments to save critical services and jobs; increase funding for neglected communities to match people who need jobs with work that needs to be done; and use TARP money to get credit flowing to small businesses for job creation.
Information on the activities is available at www.aflcio.org/createjobs - the AFL-CIO's online organizing hub for the jobs campaign. From the site, people can find events to attend, write letters to banks and read and submit job stories and photos.
In addition to these efforts, Working America, the 3 million-member community affiliate of the AFL-CIO, is kicking off a campaign called "I am not your ATM." People across the country will be submitting photos of themselves in front of ATMs, asking "where's my bailout?" and delivering the message to Wall Street: "I am not your ATM." To see the photos already submitted, go to www.notyouratm.com. Working America speaks to 25,000 people across the country every week about the creation of good jobs and holding Wall Street accountable.
Contact: Josh Goldstein/Amaya Tune (202) 637-5018