Home \ 2020 Election Scorecard #4 Results

2020 Election Scorecard #4 Results

Category #4 Results: Protecting Democracy from Wall Street 
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KEY

 = Is a leader on this issue    Supports this issue     Has a mixed record on this issue

  Has a poor record on this issue     Checkmark_ID.gif  There is Insufficient Data (ID) on this issue   

CANDIDATE   



TRUMP

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BIDEN

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WARREN

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SANDERS

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HARRIS

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BOOKER

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YANG

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BUTTIGIEG

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Does the candidate have a plan to:

4a. End the lobbying corruption and influence peddling of the revolving door by only appoint regulators and prosecutors who will enforce the law, including against the richest, most powerful and well-connected institutions and executives?

One of the most underappreciated sources of power that the President holds is the ability to nominate people to key positions in the federal government. All too often, important positions that oversee the operations of the financial markets are filled by people who were, until very recently, getting rich in that very industry.  To restore balance, fairness and effective regulation of the financial system, key financial regulatory positions need to be filled by qualified people who will enforce the law without concern for their prior or future employers in the industry they are regulating.  That means they must be thoroughly vetted to ensure they will pursue the public interest without fear or favor when in office; that they are credibly supervised while in office to ensure that they do so; and that they have clear, strong and substantial limitations on their post-employment activities to prevent revolving door sell out and influence peddling. 

We evaluate the candidates based on whether they have pledged to only appoint qualified regulators who will enforce the law without fear or favor. Back to top

4b. End sweetheart settlements, meaningfully punish lawbreaking institutions and their executives, and ensure settlement accountability by requiring full public disclosure of all information?

Wall Street CEOs, other executives and supervisors often dodge personal accountability when their companies break the law.  Instead, the companies are often hit with a slap on the wrist, or a small fine that is ultimately paid for by the shareholders. The details of these settlements are typically kept secret or the disclosure conceals more than it reveals; often the company is not even required to admit wrongdoing.

We evaluate the candidates based on their support of measures that will prosecute lawbreaking firms to the fullest extent of the law, hold CEOs and other Wall Street executives responsible for the reckless, illegal and criminal actions of their companies, require full disclosure of settlements with companies that break the law, and prevent repeat offenders from continuing to operate in the financial markets. Back to top

4c. Reject contributions – both direct and indirect - from Wall Street’s Too-Big-To-Fail financial giants and their executives?

Wall Street’s biggest financial firms spend tens-to-hundreds of millions of dollars each year on lobbyists, lawyers, trade associations, PR-spinners, and other influence-peddlers to protect their businesses and profits.  A key way to stop some of that influence is for candidates to reject their campaign contributions, which will decrease their access and importance, which will increase the likelihood of decisions made in the best interests of the country, not Wall Street.

We evaluate the candidates based on whether they have pledged to reject donations – whether given directly or bundled from multiple donors - from Wall Street’s Too Big To Fail firms in their 2020 campaign. Back to top

4d. Require prompt public disclosure through a searchable database of all meetings and/or communications by lobbyists, corporate executives, elected officials and anyone else with principals and staff at all financial regulatory agencies as well as the detailed disclosure of the communication?

Many of the most important conversations with financial regulators (including at the Department of Justice) happen in secret, with no public disclosure that the conversation even happened, much less what was discussed or who participated.  Yet, these meetings often have decisive influence on the decisions of regulators and prosecutors and dramatically impact the public interest and what the public knows about how its government acts.  Concealing this information from the public is wrong and these contacts and conversations must be brought into the sunlight, with a public database of meetings and communications between regulators and prosecutors and any party discussing any material matter that is before or could come before any such agency or DOJ.

We evaluate candidates based on their plan to require disclosure and enable accountability for secret meetings and conversations between regulators and other interested parties. Back to top