• WHO WE ARE

    The ReFund America Project tackles the ongoing impact that the financial crisis has had on the financial health of America’s cities and provides a dedicated campaign team to help local organizations restore the balance of economic power to Main Street.

    SAQIB BHATTI

    Executive Director

     

    Saqib Bhatti is the Executive Director of the ReFund America Project and a Fellow at the Roosevelt Institute. He works on campaigns to rebalance the relationship between Wall Street and local communities. He was previously a fellow at the Nathan Cummings Foundation. Prior to that, he worked on Wall Street accountability at the Service Employees International Union (SEIU). Saqib also serves on the board of the Responsible Endowments Coalition.
    Twitter: @snbhatti

    MAURICE WEEKS

    Campaign Director

     

    Maurice Weeks is the Campaign Director of the ReFund America Project. He works with community organizations and labor unions on campaigns to go on offense against Wall Street to beat back their destruction of communities of color. Previously he served as the Wall Street Accountability and Housing Justice campaigner at the Center for Popular Democracy. He also serves on the board of the Responsible Endowments Coalition and the Advisory Council of Black Organizing for Leadership and Dignity (BOLD).
    Twitter: @mo87mo87

    CARRIE SLOAN

    Senior Research Analyst

     

    Carrie Sloan is a Senior Research Analyst at the ReFund America Project, where she works on campaigns to restore the balance of economic power from Wall Street to Main Street. Prior to that, she spent more than 10 years working in the labor movement as a strategic researcher for the Service Employees International Union and a rank and file member of the United Auto Workers. She holds a master’s degree from the University of California at San Diego.

  • ForgoWells.org

    For years, Wells Fargo workers and the Committee for Better Banks have been sounding the alarm over the bank's predatory business model and unreasonable sales goals, which force workers to cheat customers in order to keep their jobs. This pushed workers to open more than two million fraudulent accounts. But committing “two million felonies” is just the tip of the iceberg. Wells Fargo has been preying on communities across America for years, especially communities of color. Whether it's engaging in discriminatory lending, profiting from private prisons and immigrant detention centers, funding payday lenders, financing the Dakota Access Pipeline, supporting police foundations, or selling predatory municipal finance deals to our cities, states, and school districts, Wells Fargo's business is built on stripping wealth from our communities. We're fighting back.

     

    CLICK HERE TO SIGN UP AND GET INVOLVED.

     

    Click here to sign the petition calling on the Department of Justice to investigate and prosecute senior Wells Fargo executives.

     

    #ForgoWells City Council Resolution

    Moving our public dollars out of Wells Fargo

    If Wells Fargo admits to cheating its customers, then there is no reason why any city in the country should do business with the bank. A growing number of cities and states are standing up and refusing to do business with Wells Fargo in the wake of the scandal. Join the movement and demand that your elected officials pass the #ForgoWells Resolution and stop doing business with Wells Fargo.

     

    Click here to download the #ForgoWells City Council Resolution. The resolution can easily be adapted for state legislatures, county commissions, school boards, and other public bodies. You should tailor the whereas and resolved clauses to the issues and actions that make the most sense for your locality.

     

    Click here to download our fact sheet about moving government business out of a bank. This document can help you evaluate which demands might make the most sense for your campaign.

    State and Local Actions to #ForgoWells

    Many cities and states are moving business out of Wells Fargo

    Many cities and states across the country have either moved business away from Wells Fargo or are considering doing so.

     

    Click here for an up-to-date list and additional materials.

     

    States

    Cities

    Banking on the Hard Sell

    Low Wages and Aggressive Sales Metrics Put Bank Workers and Customers at Risk

    Click here to read the groundbreaking report by Anastasia Christman at the National Employment Law Project about how unreasonable sales goals at big banks endanger the financial security of both bank workers and customers.

    The "King of Cross-Sell" and the Race to Eight

    An Analysis of Wells Fargo's Cross-Sell Numbers Since 1998

  • #ForgoWells: #NoDAPL

    Wells Fargo, Citigroup, and other Wall Street banks are helping finance the Dakota Access Pipeline, which will endanger the water supply to Native American reservations and destroy sacred Indigenous lands.

     

     

  • #ForgoWells Materials

    Resources for taking on Wells Fargo

    #ForgoWells Resolution

    Click here to download the #ForgoWells City Council Resolution, calling on cities to stop doing business with Wells Fargo. The resolution can easily be adapted for state legislatures, county commissions, school boards, and other public bodies. You should tailor the whereas and resolved clauses to the issues and actions that make the most sense for your locality.

     

    Click here to download our fact sheet about moving government business out of a bank. This document can help you evaluate which demands might make the most sense for your campaign.

    #NoDAPL Materials

    Major Wall Street banks like Wells Fargo and Citigroup are helping to finance the Dakota Access Pipeline. Click on the links below for materials to stop the pipeline profiteers.

     

    Boycott Wells Fargo leaflet

    Boycott Bank of America leaflet

    Boycott PNC leaflet

    Boycott US Bank leaflet

    Citigroup Fact Sheet

     

     

    Overdraft Fees

    Click here for a fact sheet about Wells Fargo's overdraft fees from Americans for Financial Reform. These fees are like payday loans because they are essentially short-terms loans that can carry annualized interest rates of up to 17,000%!

     

    Additional Materials

    Click here for additional materials, including letters to the bank and regulators, online petitions, and reports.

  • RESEARCH

    ReFund America Project's reports and research materials.

    CASTING A WIDER NET

    This report focuses on diversity within the financial services industry, and specifically on the role that investment consultants can play in advancing financial performance by valuing diversity.

     

    Click here to view the report.

    THE FINANCIALIZATION OF HIGHER EDUCATION

    Higher education in the U.S. is in a state of crisis. We see evidence of this crisis in huge cuts in funding for public schools, skyrocketing costs of attendance at both private and public schools, and increases in student debt burdens.

    Click here to download the report.

    TIME TO PAY THE PIPER

    How deals involving hometown investment bank Piper Jaffray are draining millions from Minnesota cities, hospitals,

    state agencies, and non-profit organizations.

     

    Click here to view the report.

    SCOOPING AND TOSSING PUERTO RICO'S FUTURE

    Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in June, which will create a Fiscal Control Board to oversee the Commonwealth’s finances. But in order for it to do its job fairly, the Control Board must understand how Puerto Rico came to be so deeply indebted in the first place. The ReFund America Project is releasing a series of reports investigating Puerto Rico’s debt.

    Click here to view the English version of the report. 

    Haga clic aquí para una versión en español de este informe.

    PUERTO RICO'S PAYDAY LOANS

    A fact sheet on Puerto Rico's capital appreciation bonds (CABs). Haga clic aquí para una versión en español de este informe.

    MUNICIPAL BANKING: AN OVERVIEW

    This report lays out a broad framework for how municipalities can establish, fund, and operate publicly owned municipal banks based on principles of egalitarian, redistributive justice, worker rights, and more ecologically sound urban development.

    Click here to download the report.

    TURNED AROUND

    A report on how the swaps that were supposed to save Illinois millions turned toxic.

     

    Click here to download the report.

    ALL THAT GLITTERS IS NOT GOLD

    Analysis of public pension investments in hedge funds, by RAP Director Saqib Bhatti and AFT's Elizabeth Parisian

     

    Click here to download the paper.

    OUR KIND OF TOWN

    The City of Chicago and Chicago Public Schools are trapped in a host of predatory municipal finance deals that cost taxpayers tens of millions of dollars every year. Instead of cutting services for residents, the city should look to reduce its financial expenses.

     

    Click here to download the report.

    WISCONSIN'S DIRTY DEALS

     

    Wisconsin faces a revenue crisis after irresponsible tax cuts produced a huge budgetdecit. State leaders are attempting to deal with the crisis though drastic cuts to vital infrastructure, such as public education. These proposed cuts follow years of reductionsto these same crucial services.

    Click here to download the paper.

    DIRTY DEALS

    The financialization of the United States economy has distorted our social, economic, and political priorities. Cities and states across the country are forced to cut essential community services because they are trapped in predatory municipal finance deals that cost them millions of dollars every year.

     

    Click here to download the report.

    RIDING THE GRAVY TRAIN

    In city after city, transit riders are facing fare hikes and service cuts. But while riders are forced to bear the costs of solving transit agencies’ budget problems, the big banks on Wall Street are gouging many of these same agencies and the governments that fund them for more than half a billion dollars each year through toxic deals known as interest rate swaps.

     

    Click here to download the report.

  • RESOURCES

    Additional reports and resources from our partners.

    How Wall Street's predatory practices are costing Oakland communities millions and what we can do about it.

    Report by Fix LA Coalition

    LA spends more on Wall Street than our streets.

    SEIU Local 284

    How Wells Fargo and U.S. Bank have shortchanged Minnesota Schools.

    New Day New York Coalition

    New York is among the most unequal cities in the US. This inequality has become the most pressing issue in New York City and New York State. The good news is that New Yorkers are demanding action — and there’s a clear path to real, practical alternatives that can make New York fairer, more livable and more prosperous.

    Demos

    To return Detroit to long-term fiscal health, the city must increase revenue and extract itself from the financial transactions that threaten to drain its budget even further.

    Even as every Illinoisan is being asked to carry the yoke, the state’s largest banks and corporations continue to horde their wealth.

    Pennsylvania Budget and Policy Center

    Banks, Schools, and the Ongoing Problem of Interest Rate Swaps.

    Haas Institute

    How the so-called housing "recovery" is bypassing many American communities.

    SEIU, PICO California ACCE, CRC

    How Wall Street foreclosures are devastating communities.

    ISAIAH, Jewish Community Action, Northside Community Reinvestment Coalition, Neighborhoods Organizing for Change, Minnesotans for a Fair Economy

    What foreclosures are costing Minnesotans and what we can do about it.

    The impact of the foreclosures crisis on Newark.

  • PUERTO RICO

    Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in June 2016, which created a Fiscal Control Board to oversee the Commonwealth’s finances. But in order for it to do its job fairly, the Control Board must understand how Puerto Rico came to be so deeply indebted in the first place. The ReFund America Project is releasing a series of reports investigating Puerto Rico’s debt.

    Scooping and Tossing Puerto Rico's Future

    August 31, 2016

     

    Wall Street banks convinced Puerto Rico to refinance the same debt over and over again, and charged hefty fees each time.

     

    Click here to view the English version of the report.

     

    Haga clic aquí para una versión en español de este informe.

    Puerto Rico's
    Payday Loans

    June 30, 2016

     

    Banks sold the Commonwealth capital appreciation bonds, which are the government version of a payday loan. Puerto Rico will pay $33.5 billion in interest on $4.3 billion of underlying debt.

     

    Click here to view the English version of the report.

     

    Haga clic aquí para una versión en español de este informe.

  • CHICAGO & ILLINOIS

    Turned Around

    January 2016

     

    A report on how the swaps that were supposed to save Illinois millions turned toxic.

     

    Click here to view the report.

    Our Kind of Town

    March 2015

     

    The City of Chicago and Chicago Public Schools are trapped in a host of predatory municipal finance deals that cost taxpayers tens of millions of dollars every year. Instead of cutting services for residents, the city should look to reduce its financial expenses.

     

    Click here to download the report.

  • PRESS

    ReFund America Project in the News

    RT America

    The water crisis in Flint, Michigan and many other cities across the US go much deeper than budget cuts, but following the money is tough. To help, RT America's Simone Del Rosario is joined by Carrie Sloan, a senior research analyst at the Refund America Project.

    The Nation

    Carrie Sloan writes in The Nation  - Chicago’s police brutality victims and survivors are disproportionately Black, and it is no coincidence that Black communities are the most overpoliced and underinvested. The money cities save could instead be invested back in the communities that have been most impacted by police misconduct.

    Talk Poverty

    On today’s episode, we’re celebrating Labor Day – a holiday recognizing the American labor movement and achievements of American workers. Saqib Bhatti discusses the astronomical fees that cities pay for financial services and how cities should take a page out of the labor playbook by collectively bargaining with Wall Street to save money.

    New York Times

    New York Times Gretchen Morgenson writes about ReFund America Project's report, “All That Glitters Is Not Gold.” Conducted by researchers for the American Federation of Teachers, the report examined the hedge fund performance of 11 large public pensions and found that these investments exacted a high cost, had laggard returns and generally moved in tandem with the overall stock market.

    CAN TV

    Ken Davis is joined by Saqib Bhatti, The Roosevelt Institute. They discuss "disaster capitalism", how government austerity enables predatory lending to municipalities, and the possibility of a Chicago bankruptcy. This program was produced by Chicago Access Network Television (CAN TV).

    In These Times

    Saqib Bhatti writes in In These Times - Arbitrary financial fees are sucking cities and states dry. But they can change the terms if they band together and bargain collectively.

    Democracy Now!

    A stunning new report by ReFund America Project reveals nearly half the debt owed by Puerto Rico is not actually money that the island borrowed, but instead interest owed to investors on bonds underwritten by Wall Street firms including Goldman Sachs, Citigroup, Merrill Lynch and Morgan Stanley.

  • SUPPORT RAP

    With your help, the ReFund America Project is shifting the balance of power in our cities and states from Wall Street to Main Street. We research the role of the financial sector in driving austerity, extracting wealth and resources from communities of color, and hijacking our democracy, and we work with community leaders, union members, policy experts, and public officials to develop, advocate for, and implement solutions that build power and wealth for our communities.

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