Good news and bad news.

The good news: Congress is finally standing up to the big banks. First they passed a major Wall Street reform bill; now, they're preparing to vote on a jobs bill that closes a tax loophole for some of the richest Wall Street firms.

The bad news: many Republicans want to kill this bill and some Democratic senators may help them do it.

The bill could come up for a vote any day now. Will you tell your senator to support the jobs bill and close the Wall Street tax loophole? Make the call: 1-866-308-6259

This bill would do two big things. First, it would extend unemployment insurance and health coverage for Americans still searching for a job. Second, it would help pay for itself by removing a loophole that currently lets hedge fund managers - some of the richest people on Wall Street - pay a fraction of the tax rate that you and I pay on our income.

Take a look at the graph from MoveOn.org below. As it stands now, hedge fund managers that make more than $1 billion are paying a lower tax rate than fire fighters who make less than $50,000:

The loophole only exists because Wall Street has spent millions of dollars to carve out special favors for themselves in the law.

But it can only survive if the Senate lets it.

Tell your senator to support this jobs bill and stop protecting Wall Street at our expense. Tell them to support the "American Jobs and Closing Tax Loopholes Act": 1-866-308-6259

The Wall Street reform victory proved that we can stand up to big banks if we work together. Let's not stop now.