I’ve got to admit not paying much attention lately to the daily barrage of political petitions that land in my email — but this one caught my eye. Nine Democrats and one independent on the Senate Banking Committee have signed onto a GOP bill that, according to the Economic Policy Institute (a sponsor of the petition drive, link to sign on at end of diary) will weaken the already weak Dodd-Frank Act.
The Senate Banking Committee will also take two major steps toward reshaping federal financial regulatory and economic policy on Tuesday. The panel is expected to approve the nomination of Jerome Powell to be Federal Reserve chairman, then mark up a bipartisan bill to exempt small and mid-size banks from portions of the Dodd-Frank Act.
Massachusetts Democratic Senator Elizabeth Warren, champion of the Consumer Financial Protection Bureau, said about this deal: “This bill shows once again how Washington values short-term profits for big banks ahead of the interests of consumers or the safety of the financial system.”
The bill exempts certain size banks, “smaller firms” from the risk-mitigation regulations included in the federal stress and oversight provisions of the Dodd-Frank Act.
The Democrats on board with this maneuver include former vice presidential candidate Senator Tim Kaine (VA). The other eight are : Senators Joe Donnelly (IN), Heidi Heitkamp (ND), Joe Manchin (WV), Claire McCaskill (MO), Gary Peters (MI), Jon Tester (MT), Mark Warner (VA), Michael Bennet (CO); along with Independent Angus King (ME), who caucuses with the Democrats. According to Open Secrets from 2013 to 2018 the securities and investment industry was one of the two top contributors to all the Democratic senators who support gutting Dodd-Frank except Senators McCaskill and Independent Angus King.
It is particularly discouraging in normal times to see Democrats cheerfully offering the Republicans a helping hand gutting Dodd-Frank regulations. But it is doubly so now, in the time of Trump and with the GOP’s tax bill so recently inflicted on us. Makes me want to holler and… Zong!
Link to sign petition: HERE “Unbelievably, a contingent of 10 corporate Democrats in the Senate is lining up behind this plan, hopeful their constituents won’t notice – but knowing their Wall Street donors will.”