banking reform

Ken Lewis, a progressive candidate running for the Democratic nomination to defeat Sen. Richard Burr, has called upon the members of the North Carolina Banking Commission to be accountable for their approval of bank bonuses in 2009.

As our economy collapsed, in large part due to the irresponsibility of banks and bank regulators, the NC Banking Commission approved massive cash bonuses for industry executives. Only because of leadership from the North Carolina General Assembly were those who lead our economy off a cliff not rewarded for doing so.

Cal Cunningham has sought to escape accountability for his vote to approve bonuses for bankers. Both he and his senior strategist Scott Falmlen are members of the NC Banking Commission. Not only was Cunningham present on the call, his senior strategist was the first to move for approval of the bonuses.

In June, A New Way Forward will be holding economic crisis house parties across and town halls as a way to start a national conversation on structural reform of banking in America. We are looking for people in North Carolina that might want to host an event.