Robbins Unanimously Passes Resolution against Predatory Bank Deals Draining State and Local Budgets, asks for Attorney General to Take Action
Robbins, IL – On the eve of Governor Rauner’s budget address the Village of Robbins Board of Trustees passed a resolution targeting Wall Street banks that have drained hundred of millions of dollars from taxpayers through toxic interest rate swaps.
The resolution calls on Governor Rauner to negotiate a termination of the state’s remaining interest rate swaps with no further cost to Illinois taxpayers; resolves that the Mayor and the Board of Trustees of Robbins enforce a moratorium on entering into interest swap deals; and calls on Attorney General Lisa Madigan to investigate the state’s predatory swap deals and sue to recover the money that banks have taken from the state.
“I’m am thrilled that my community is standing up to Wall Street and articulating clearly that we want public resources to be going to helping people not padding Wall Street bank profits,” said Barbara Pillow Sidibeh, a resident of Robbins following the vote. “Black and Brown communities across the state are facing massive targeted disinvestment as a result of these toxic deals with Wall Street banks.”
“Even while they consider halting payment to state workers, gutting public education, and cutting services, Rauner and the political establishment have been unwilling to stand up to Wall Street banks. Tonight the Village of Robbins showed how it can be done. Now we need Governor Rauner and Attorney General Lisa Madigan to do the right thing and put the interests of Illinois families before Wall Street bankers,” stated Amisha Patel, Executive Director of Grassroots Collaborative.