More than a decade after Wall Street’s crash wrecked the global economy, House Democrats are threatening to stigmatize the nation’s biggest banks again. Progressive freshmen like Reps. Alexandria Ocasio-Cortez (D-N.Y.) and Ayanna Pressley (D-Mass.) are joining with veteran lawmakers to try to shame the lenders into taking a stand on some of the country’s most divisive issues: climate change, gun violence and immigration.Story Continued Below Ocasio-Cortez, who has nearly 3.8 million Twitter followers, received more than 30,000 retweets this week for three posts targeting JPMorgan Chase and Wells Fargo. “There’s more than one way to skin a cat, and not everything has to be done through legislation explicitly,” Ocasio-Cortez told POLITICO. “We can also use the tools that we have here to pressure change in other ways as well.”This is more than just a public relations nightmare for the banks. At stake is their standing with investors and customers, who have been willing to withdraw business from lenders over their positions on hot-button issues. The banks also face a potential backlash from politicians at all levels of government — including conservatives — who have taken punitive action when the companies take a stand they don’t like. In Louisiana, for example,… Read full this story
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