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Wed May 29, 2013, 04:48 PM

Bills That Would Gut Wall Street Reform Overwhelmingly Pass House Committee

http://www.motherjones.com/mojo/2013/05/derivatives-bill-house-financial-services-committee-pass


Erika Eichelberger May 8, 2013

On Tuesday, three bills that would gut the 2010 Dodd-Frank Wall Street reform bill passed the House Financial Services Committee (HFSC) in decisive fashion, with just six members of the 61-member committee voting against all of them.

The three bills passed over serious objections from the Obama administration. On Monday, Treasury Secretary Jack Lew wrote a letter to Rep. Jeb Hensarling (R-Texas), the chairman of the committee, urging "members to oppose these bills and others like that would weaken the important regulatory changes that Wall Street Reform has made to the derivatives market." A year ago, former Treasury Secretary Timothy Geithner made a similar statement against a slate of nearly identical bills.

Financial reform advocates say that the three bills would do serious damage to parts of Dodd-Frank that deal with derivatives, which are financial products with values based on underlying numbers, like crop prices or interest rates.


Only six of the 28 Democrats on the committee voted against all three of the bills—Reps. Maxine Waters (D-Calif.), the senior Democratic member of the committee; Nydia Velázquez (D-N.Y.); Mike Capuano (D-Mass.); Stephen Lynch (D-Mass.); Al Green (D-Tex.); and Keith Ellison (D-Minn.). Another six Democrats voted against some of the bills. Sixteen Dems voted in favor of all three bills. Thirty-one of the 33 Republicans on the committee voted for all the bills; Reps. Steve Pearce (R-N.M.) and Lynn Westmoreland (R-Ga.) abstained on two of the bills.

House Financial Services Committee members received some $14.8 million in contributions from the financial services and banking sectors during the last election cycle.
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Reply Bills That Would Gut Wall Street Reform Overwhelmingly Pass House Committee (Original post)
Bill USA May 2013 OP
LonePirate May 2013 #1
Turbineguy May 2013 #2
Laelth May 2013 #3
justhanginon May 2013 #4
Bill USA May 2013 #5

Response to Bill USA (Original post)

Wed May 29, 2013, 04:51 PM

1. Shameful Democrats! Also, why are there 61 seats on this committee? That is almost 1/7 of the House.

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Response to Bill USA (Original post)

Wed May 29, 2013, 05:08 PM

2. Because there are still

a few middle class people just itching to have the rest of their savings and retirement looted.

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Response to Bill USA (Original post)

Wed May 29, 2013, 05:15 PM

3. k&r for exposure. n/t

-Laelth

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Response to Bill USA (Original post)

Wed May 29, 2013, 07:13 PM

4. Just a coincidence

I'm sure that 14.8 million dollars in contributions from the financial community is just a coincidence. Yeaaah, sure!

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Response to justhanginon (Reply #4)

Thu May 30, 2013, 09:51 AM

5. that's the cost of "lubrication"

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