The recent $2 billion loss by JP Morgan demonstrates clearly that Wall Street hasn't learned anything from the economic meltdown of 2008. They continue to make high-risk bets, putting our economy at risk.
Let's be clear: There's nothing wrong with high-risk trading, but if the bets go bad, only the people who made the bets should have to pay. This sort of gambling should happen in hedge funds, not in the federally-insured banks that families and small businesses depend on.
That's why a strong Volcker rule firewall is so critical. We have to ensure that when Wall Street's bad bets blow up, you and I don't get burned again.
For two years, Wall Street's legion of lobbyists have been working overtime trying to build giant loopholes into the financial reform law. Regulators will soon decide whether to enact the "JP Morgan loophole" into the rules.
We can't let that happen. Already, nearly 10,000 Americans have joined me in calling on Ben Bernanke and the Fed to close down the JP Morgan loophole.
The $2 billion loss at JP Morgan makes the stakes crystal clear. The public is now fully engaged. We have a moment of possibility to seize the day and get the rules right.
We can't match Wall Street's lobbying budget, but we can make sure that Ben Bernanke hears from people all over America. I hope everyone who hears my message signs onto this petition and helps amplify my voice.
Let's make sure Wall Street's lobbyists don't have the last word.