Casey Explains: GOP Serves Wall Street
Sen Casey’s email explains how GOP congress services Wall Street.
After the 2008 crunch, a democratic congress required banks to gamble with their own money, not funds backed up by government bailouts. No more would Wall Street scoop up the profits, while we cover their losses.
In 1974, another democratic congress, created the Pension Benefit Guaranty Corporation, PBGC. (Introduced by a Democrat from Jeanette Pennsylvania, John Dent). The PBGC has protected thousands of workers from numerous pension defaults.
In 2014 a GOP congress slid two last-minute provisions into their must-pass, avoid-shutdown, bill. One provision allowed banks to once again gamble with government protected funds. The another allowed pension funds to shave promised benefits.