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Blog Post | Financial Reform

House Floor Vote on Budget Delayed over Special Interest "Riders" From Wall Street, Other Powerful Interests | Ed Mierzwinski

UPDATED: Opposition to a controversial provision authored by Citibank forced House leaders to delay consideration of the "CRomnibus" appropriations package just hours before funding for the federal government expired at midnight Thursday. Eventually the bill passed narrowly with the Wall Street provision intact. Action now shifts to the Senate, which has a 48-hour window to pass the bill, but any one Senator can block it under Senate rules. The provision would again allow Wall Street banks to place risky bets with taxpayer-backed funds, and require taxpayers to bail them out if the bets fail, repealing a key protection added in the 2010 Wall Street reform law. 

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News Release | U.S. PIRG | Democracy

Congress considers giving megadonors an even louder voice in our elections

Proposed revisions to campaign finance rules would allow big donors to give over $200,000 to party committees.  

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News Release | U.S. PIRG | Financial Reform

U.S. PIRG Condemns Backdoor, Backroom Appropriations Proposal To Gut Wall Street Reform

We join others, including Americans for Financial Reform and the Leadership Conference on Civil and Human Rights, in condemning this backdoor, backroom appropriations "rider" to weaken the Wall Street reform law's protections for taxpayers and Main Street from the risky derivatives swaps that led to the 2008 financial collapse and recession.

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News Release | U.S. PIRG | Tax

Senator Coburn (R-OK) Slams Corporate Deductions of Legal Damages

Senator Coburn publishes a guide to American taxation that describes how Congress and federal agencies should prevent corporations accused of wrongdoing from writing off their out-of-court settlements as a tax deduction.

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News Release | U.S. PIRG | Financial Reform

U.S. PIRG Commends President for Renomination of Richard Cordray to Head CFPB

The CFPB is the nation's first financial regulator with only one job — to protect consumers in the marketplace. The Senate should reject demands by opponents of consumer protection to condition Cordray's approval on the gutting of the agency's authority or on the removal of its independent funding.

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News Release | U.S. PIRG | Democracy

U.S. PIRG and Allies Mark Citizens United Anniversary, MLK Day With Dozens of Actions Across the Nation, New Data on Election Spending

This week U.S. PIRG joined with ally organizations to mark Martin Luther King, Jr. Day and the third anniversary of Citizens United v. FEC with events drawing attention to the dual threats of voter suppression and unlimited corporate and special interest money in politics. Under the banner of Money Out/Voters In, organizers are hosting “Day of Action” events in more than 76 cities in 33 states on and around the weekend of January 19.

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News Release | U.S. PIRG Education Fund, Demos | Democracy

"Billion-Dollar Democracy" The Unprecedented Impact of Big Money in 2012 Elections

It took just 32 billionaires and corporations giving Super PACs an average of $9.9 million apiece to match every single dollar given by small donors to Romney and Obama in the 2012 election cycle, according to “Billion-Dollar Democracy,” a new report by U.S. PIRG and Demos. Those small donations amounted to over $313 million from more than 3.7 million individuals.

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News Release | US PIRG Education Fund | Democracy

“Elections Confidential” Report Reveals Role of Dark Money Groups and Shell Corporations in 2012

Mystery donors poured hundreds of millions of dollars into the 2012 elections via dark money non-profit groups and shell corporations, despite widespread public support for disclosure and decades of legal precedent supporting the public’s right to know the sources of election-related spending. A new report from the U.S. PIRG Education Fund and the Center for Media and Democracy found that contributions from phony for-profit corporations accounted for nearly 17 percent of all business donations to Super PACs.

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Media Hit | Budget, Tax

New York Times: Paying the Price, But Often Deducting It

[T]here’s more than meets the eye to the big legal settlements you’ve been reading about involving some of the nation’s biggest banks. Actually, there’s less than meets the eye. The dollar signs are big, but they aren’t as big as they look, at least for the banks. That’s because some or all of these payments will probably be tax-deductible. The banks can claim them as business expenses. Taxpayers, therefore, will likely lighten the banks’ loads.

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