Faith community takes action on financial reform
As the Senate begins debate on financial reform legislation (well, eventually — a filibuster will likely delay the start of the debate), many of our allies in the faith community are working to curb the predatory and reckless practices of our nation’s largest financial institutions, which have devastated families and communities across the country.
PICO National Network and Faithful America have launched Our Money, Our Values – a campaign to organize congregations and individuals to divest millions of dollars from the big banks if they don’t agree to end unjust practices like funding predatory lending and kicking people out of their homes unnecessarily. And faith groups will take part in massive demonstrations this week on Wall Street, as well as at the annual shareholder meetings of Bank of America and Wells Fargo, calling on them to take responsibility for their role in the financial crisis, keep families in their homes, and invest in communities affected by the recession.
Undergirding much of this activism are rich theological arguments for financial reform. Catholics in Alliance for the Common Good released a statement today pointing out that reining in the abuses of powerful financial institutions is consistent with centuries of Catholic social teaching, as well as Pope Benedict’s encyclical addressing the financial crisis as a moral issue. And over at Associated Baptist Press, David Gushee grounds support for financial reform in the tradition of Christian social ethics that inspired the fight to end child labor in the 19th century.
I’d add simply that many opponents of reform are using demonstrably false talking points to make their case. Hopefully these mendacious efforts won’t lead lawmakers astray or convince the American people that financial reform will lead to institutionalized bailouts.