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Peter DeFazio for Congress

Making Wall Street Pay Their Fair Share

For too long, Wall Street has run amok on our economy and left the rest of us hung out to dry. Together, we’re working to change that.

Last week, I introduced the Putting Main Street FIRST Act, a bill to rein in the excesses of Wall Street and protect our economy from risky speculative trading. The tax would drive out traders that created market instability and lead to the 2008 “flash crash” of Wall Street.

Computerized “flash-trading” is one trick hedge fund managers use to manipulate the market for their sole benefit. Essentially, they use a computer program to execute millions of trades in a short period of time – sometimes holding an “investment” for a matter of microseconds.

These trades produce nothing of value while destabilizing the market, driving up costs for pension funds and putting everyone else’s investments at risk – yet, it gets a small group of traders very rich.

The stock market should be about making smart long-term investments in growing companies, not electronic insta-trades that treat Wall Street like a casino and destabilize the entire economy.

It’s long past time that the wealthy 1% on Wall Street pay their fair share. Let’s make Main Street Great Again!

By levying a tax on these financial transactions, my bill would raise $417 billion over ten years which could be used to fund our shared national priorities like education and investing in rebuilding our crumbling infrastructure which would create tens of thousands of American jobs.

In passing this bill, Congress can send the message to Wall Street that its recklessness ends here. It cannot continue to gamble with our economy and the lives of working families. With your support, we can keep up the fight and put Main Street FIRST!

As I’m sure you can imagine, the billionaires on Wall Street aren’t exactly happy about this bill. Over the years, one-percenters like Robert Mercer have spent millions trying to oust me from Congress – all because I refuse to put profits over people. Each time, we beat them with our grassroots energy.

But, they’re working even harder to elect politicians who will maintain the broken tax code that has made them billionaires. It was recently disclosed that Robert Mercer and top Trump campaign donor owes the IRS almost $7 billion dollars in back taxes and is funding political groups who are working to have the IRS commissioner fired. This is outrageous!

Let’s beat them again.

Posted on May 12, 2017.