Treasury Department: Lew Remains Opposed To Bills That Would Weaken Wall Street Reform

Treasury Secretary Jack Lew.Pete Marovich/ZUMAPress

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Last week, Mother Jones reported that some financial reform advocates were worrying that Treasury Secretary Jack Lew was not taking a sufficiently fierce stance against a group of House bills that would weaken Wall Street reform. Similar measures died last year, and with some Democrats and Republicans in the process of reviving them, reform advocates have become nervous, especially since Lew has not yet echoed the strong opposition to these proposals that was voiced last year by his predecessor, Timothy Geithner.

Treasury Department officials, though, say there is nothing to fear. Last week, a Treasury Department spokesman told Mother Jones, “Of course the Treasury secretary would oppose any effort to weaken Wall Street reform,” known as the Dodd-Frank law. She pointed to Lew’s recent comments on Bloomberg television. “The purpose of Dodd-Frank was to make sure the American taxpayer would never again be in the position where they had to step in when banks failed,” he told the news channel. “We are committed to that purpose.” Treasury is not condemning these measures yet because, as a Treasury spokeswoman told Mother Jones last week, the bills have not even won approval at the committee level. A Treasury Department official this week reiterated Lew’s opposition to the crusade to water down Wall Street reform, but the official noted that the department doesn’t want to get into the habit of denouncing all the various bills that are thrown into the hopper on Capitol Hill. The official emphasized that Lew’s previous public statements opposing efforts to undermine Dodd-Frank or delay its implementation do indeed cover the set of bills that have been re-introduced in the House. The word at Treasury: if these bills do gain traction, Lew will not hesitate to slam them.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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