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Fortnight For Freedom May 19th, 2012
On April 12, the Ad Hoc Committee on Religious Liberty of the U.S. Conference of Catholic Bishops (USCCB) issued a document, “Our First, Most Cherished Liberty,” outlining the bishops’ concerns over threats to religious freedom, both at home and abroad. The bishops called for a “Fortnight for Freedom,” a 14-day period of prayer, education and action in support of religious freedom, from June 21-July 4.
Bishops in their own dioceses have been encouraged to arrange special events to highlight the importance of defending religious freedom. Catholic institutions are encouraged to do the same, especially in cooperation with other Christians, Jews, people of other faiths and all who wish to defend this cherished freedom.
The fourteen days from June 21—the vigil of the Feasts of St. John Fisher and St. Thomas More—to July 4, Independence Day, are dedicated to this “fortnight for freedom”—a great hymn of prayer for our country.
Please see the USCCB website for more information on organizing a special event in your parish.
Tell Congress: End Too-Big-To-Fail. Make Banking SAFE May 17th, 2012
The top five banks now control 52 percent of the financial industry’s assets; they had 17 percent in 1970. The six largest banks control assets equal to 62 percent of the nation’s gross national product. They may be not only too big to fail, but also too big to save.
The biggest of them, Dimon’s JPMorgan Chase, has $2.1 trillion in assets and more than 239,000 employees. The bank’s recent bad bet that now amounts to $3 trillion, is a clear indication of the need for serious reform.
Sen. Sherrod Brown and Rep. Keith Ellison have introduced a measure to cut too-big-to-fail banks down to size. The SAFE (Safe, Accountable, Fair and Efficient) Banking Act would put in place an important element missing from the financial reform legislation of two years ago: a cap on how big banks can get. The bank lobby defeated all efforts to include a limit on their size.
Now the six largest banks – led by JPMorgan Chase – are collectively larger and more concentrated than they were before they blew up the economy, with the assets they control growing from $6.1 trillion before the collapse to more than $8.5 trillion today, according to Federal Reserve data.
Wall Street lobbyists have successfully delayed and diluted regulations that were supposed to flow from the Wall Street reform bill. And the big banks have ways to push their way around any barriers.
We need a fail-safe. If a bank can’t be too big, then it can’t be too big to fail.
Among the provisions of the Safe Banking Act are that no bank could hold more than 10 percent of all of the insured bank deposits in the country, nor could a bank holding company have non-deposit liabilities greater than 2 percent of the nation’s gross domestic product.
By the standards in the SAFE Banking Act, four existing banks are currently above the size cap—JPMorgan Chase, Bank of America, Citigroup and Wells Fargo—and would have to shrink. This would be a major step in making banking sober—and boring, as it should be—once again.
Thanks to the Campaign for America’s Future for the information on this bill.
Oblate Questions JP Morgan/Chase CEO Jaime Dimon May 16th, 2012
Fr. Seamus Finn, OMI representing the Oblates of Mary Immaculate at the JP Morgan/Chase AGM yesterday in Naples, Florida, made pointed comments about the latest heavy losses at the company. He questioned Dimon’s opposition to the Volcker Rule and the bank’s lobbying in opposition to other aspects of the financial regulations being developed at the SEC in response to the Dodd-Frank legislation.
He was quoted today by Maureen Dowd in her NY Times column:
The Rev. Seamus Finn, representing shareholders from the Catholic organization Missionary Oblates of Mary Immaculate, did gently press the boss: “We’re wondering, Mr. Dimon, given what we’ve learned, do you still believe a company can self-regulate when trading on their own accounts?” He added: “Furthermore, should our company really be spending shareholder funds on, some $7 million last year alone, on lobbying efforts to thwart the Dodd-Frank legislation and the work of regulators to write the rules stemming from that legislation?” The priest concluded that the shareholders, “weary of mistakes” and pledges to reform, wonder if Dimon is listening.Fr. Finn was also quoted in The Guardian, on CNBC.com, The Telegraph, Crain’s New York Business, and the timesfreepress.com
Corporate Social Responsibility and the Churches May 14th, 2012
Thanks to the European Africa Faith & Justice Network for the following information:
Bishops call for increased corporate transparency
Catholic bishops urge the European Union to legislate on extractive companies
While a group of EU member states, including Germany and the UK, are attempting to water down new EU transparency legislation, Catholic bishops from around the world urge the EU to push forward and require European Union-listed and large unlisted extractive companies to publicly disclose the payments they make to governments worldwide. In a joint statement, they say less stringent laws will fail to turn the curse of resource-rich developing countries into a blessing.
Click here to read more »
Faith Groups Call for Increased Poverty-Focused Foreign Assistance May 11th, 2012
The Missionary Oblates joined 35 multi-faith U.S.-based religious institutions in urging Congress to pass a faithful budget that increases funding above current levels for poverty-focused international development, humanitarian assistance and global health programs in the State and Foreign Operations Appropriations bill. The letter points out, “Using less than one percent of the federal budget, poverty-focused foreign assistance saves lives, lays the groundwork for economic growth around the world and fosters global human security. Its programs alleviate hunger and malnutrition, help communities access clean water and sanitation, facilitate rural development, educate children, combat deadly but preventable diseases and promote global health.”
Read the full letter (Download PDF)
