Shareholders ousted Ken Lewis as Chairman of Bank of America in an unprecedented vote. While this was a welcome change, there's much, much more to be done.
Ken Lewis is still CEO, and the new Chairman, Walter Massey, has a huge responsibility to get Bank of America back on track. Bank of America should:
1. Reject the failed banking policies of the past by firing CEO Ken Lewis
2. Commit to real financial reform
3. Stop consumer abuses and predatory lending practices that hurt communities
4. Provide bank workers access to affordable healthcare
5. Stop opposing pro-worker legislation like the Employee Free Choice Act to ensure bank workers have a voice on the job to protect consumers.
Sign the letter to Bank of America's new Chairman outlining what taxpayers expect next at Bank of America.
Dear Dr. Massey,
Tens of thousands of taxpayers, bank workers and community groups took action across the country to collect nearly 100,000 "Taxpayer Proxies" outlining the steps Bank of America needs to take to restore public trust in the bank and help turn our economy around. Taxpayers ask that Bank of America:
1. Reject the failed banking policies of the past by firing CEO Ken Lewis.
2. Commit to real financial reform.
3. Stop consumer abuses and predatory lending practices that hurt communities.
4. Provide bank workers access to affordable healthcare.
5. Stop opposing pro-worker legislation like the Employee Free Choice Act to ensure bank workers have a voice on the job to protect consumers.
Bank of America has already received $45 billion in TARP funds and taxpayers could be on the hook for more than $150 billion more in public assistance. No employer, especially one that receives this much taxpayer funding, should use these funds to deny employees their right to unite for a voice on the job.
[Your comment here]
The challenges facing Bank of America remain large. It is essential that you engage with taxpayers and Bank of America employees in solutions that will restore public confidence in the bank, ensure workers have a voice to protect consumers and create an economy that works for everyone again.
