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Responsible Investors Group Backs Occupy Wall Street Goals

Some of those in the 1 percent are stepping forward to express their support for the 99 percent, agreeing with Occupy Wall Street protesters that the nation’s financial system is seriously harming our economy. The latest to indicate their support for the 99 percent are the financially savvy members of the Forum for Sustainable and Responsible Investment, who are calling for greater corporate transparency, restraint of excessive payouts to executives and support for the federal Consumer Financial Protection Bureau. The consumer bureau does not yet have a director because Senate Republicans have blocked a vote on the nomination of Richard Cordray to lead the agency.

Lisa Woll, CEO of US SIF (as the Forum for Sustainable and Responsible Investment is also known) expressed solidarity with the Occupy protesters:

The Occupy movement occurring across the country, and indeed, around the world, speaks to many of the issues and concerns raised by sustainable and responsible investors over the past several decades—and particularly since the unfolding of the recent financial crisis.

Woll also backed the recent Occupy-allied “move your money” campaign, which urges people move their accounts from commercial banks to community savings institutions and credit unions. Responsible investing, she said in her statement, also includes the backing of “institutions that strengthen low-income communities through access to capital.” The Center for American Progress reports today that the 10 biggest banks could lose $185 billion in deposits next year as customers move their money.

Last week, the newly-formed Patriotic Millionaires for Fiscal Strength went to Capitol Hill to advocate for an increase in their taxes so they might pay at least the same percentage in taxes as middle-class taxpayers. That same day, United For a Fair Economy (UFE) delivered to the congressional “Super Committee an open letter signed by more than 100 citizens with annual incomes of more than $200,000, urging an increase of the top marginal income tax rate to 39.5%.

Wednesday is the deadline for the Super Committee to deliver a plan to cut $1.2 trillion from the federal deficit. It is expected to fail to do so, because Republicans on the committee refuse to accept a tax increase for the nation’s wealthiest citizens.

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