There is a grassroots movement named “Move Your Money“. The idea is that folks tired of seeing Wall Street bankers pull down 7 and 8 digit bonuses after ruining the national economy can exact a small slice of accountability by moving their accounts form the “too big to fail” institutions to smaller, more local banks.
(Full disclosure: I closed my Bank of America accounts last weekend.)
Here’s a little background:
After this evening’s vote, I caught up with several House members and asked what they thought of the idea.
Jan Schakowsky (D, IL) is closing her Bank of America accounts this weekend:
Blue Dog Leonard Boswell (D, Iowa) thinks the idea is a good one:
So does Republican Bob Inglis (R, SC):
And ultra-conservative Blue Dog Dan Boren (D, OK):
Rep. Tom McClintock (R, CA) won’t be changing his banking practices, but he thinks the grassroots are on the right track:
Rep. Tim Bishop represents many of the people working at the big banks. He’s reserving judgment.
Rep. Cynthia Lummis (R, WY) says people should go where they get the best value, all things considered:
Rep. Glenn Thompson (R, PA) isn’t surprised that people are frustrated and keeps his money local:
Finally, Mike Castle, (R, DE), who is probably the happiest man in Washington tonight (he’s the Republican nominee for the Delaware Senate seat formerly occupied by Joe Biden) says that the movement probably won’t be very effective and that the “too big to fail” banks play a critical role in our economy: