Truth In Settlements Act

In the video above, Elizabeth Warren explains why she introduced the Truth in Settlements Act (S.1898) as soon as Congress got back to work last January. She also explains why it was never sent to President Obama's desk to be signed. It would help just about anyone understand why there is so much grassroots support for electing a president like Warren instead of just another tired political hack like Clinton or Bush who doesn't stand for anything that means squat for the well-being of the 99%.

She introduced the bill, co-sponsored by "Senator No"-- AKA-Tom Coburn (R-OK)-- and what it does is require "federal agencies to publicly disclose certain basic information about the major settlements they enter into with corporations. Information like whether a settlement is going to be tax deductible or whether it lets companies claim [financial] credit for things they're already doing... The idea behind the bill is straight-forward: if the government is going to cut deals on behalf of the American people, the American people are entitled to know what kind of a deal they're getting. That's the only way that the public can hold agencies accountable."

When the bill came before the Homeland Securities and Governmental Affairs Committee in July, it was approved unanimously. She asked unanimous consent for the Senate to vote on it. If you listen to the tape you will hear one dissenting voice-- and it's former derivatives trade and egregiously corrupt Wall Street whore Pat Toomey (R-PA), objecting on behalf of himself and, Cornyn (R-TX). and the Chamber of Commerce. So it died, at least for 2014. Senator Warren vows to keep introducing it until it passes.

Thursday supporters of Warren were out in force, both in DC and in New York, where they gathered at the midtown headquarters of Citigroup, the firm took the most in TARP bailout funds (over $45 billion) and that wrote and paid for the derivatives deregulation that passed last week as part of the CRomnibus. Later they took the show to Lazard at Rockefeller Center, the office of Obama's wretched Wall Street shill Antonio Weiss who he is trying to get confirmed as a Treasury Undersecretary. "Enough is enough with Wall Street insiders getting key position after key position and the kind of cronyism that we have seen in the executive branch," said Warren on the Senate floor.

"If I had a Warren, I’d end too big to fail," a circle of protesters sang to the tune of Pete Seeger’s "If I Had a Hammer." "I’d strengthen Volcker, bring back Glass-Steagall too! Use those laws to help my brothers and sisters all over this land."

...The firms also enjoy too many ties to the government, the protesters said. Treasury Secretary Jacob Lew worked for Citigroup, his Washington predecessor Robert Rubin was paid more than $100 million when he worked there, and Federal Reserve Vice Chairman Stanley Fischer was a Citigroup vice chairman.

Mitt Romney faced criticism of his Wall Street ties during his 2012 presidential run, and Hillary Clinton, a presumptive frontrunner for 2016, has been faulted by both Republicans and some fellow Democrats for being too close to the financial elite. Former Florida Governor Jeb Bush, who has said he may run, will give up his senior adviser role at Barclays Plc at the end of the year, a person with knowledge of the move said today.

“Ask Hillary Clinton,” [Zephyr] Teachout said. “Ask Jeb Bush. Where do you stand on The Citigroup Question?”