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A New Campaign to Hold Wall Street Accountable Emerges
Take on Wall Street calls for a five-step agenda for the next wave of financial reform: Break up the big banks and pass a 21st-century Glass-Steagall wall separating consumer banking from the banks’ speculative gambles; pass a financial speculation tax that would help curb high-speed speculative trading and raise funds for vital investments; close the “carried interest loophole,” which allows hedge fund traders to pay a lower tax rate on their earnings than teachers; eliminate the tax deduction for CEO “performance” bonuses to curb excessive CEO pay; and crack down on payday lenders and create “public option” banking services through the U.S. Postal Service.