Archive for June 10th, 2011

Stunning Statistics of the Week:

$36: The amount that former U.S. Sen. Russ Feingold’s political action committee asked people to donate to help candidates running in recall elections in Wisconsin
$130,000: The amount Feingold raised in less than a week
2,400: The approximate number of people who donated

Source:  http://www.huffingtonpost.com/2011/06/08/russ-feingold-wisconsin-democratic-recall_n_873377.html

FEC chair likes disclosure
Cynthia Bauerly, chair of the Federal Election Commission, came to speak to a packed house at Public Citizen this week. She stuck pretty close to her talking points but did let slip a couple of interesting details, like her passion for disclosure.

Target CEO “embattled and annoyed” by shareholder questions
Opponents of corporate money’s corrupting influence in politics made their presence known loud and clear during Target Corporation’s annual shareholder meeting this week in Pittsburgh. Read a first-person account by a Public Citizen online organizer who was there and spoke out.

Don’t let the door hit you Sen. Bayh …
Former U.S. Sen. Evan Bayh (D-Ind.) appears to be benefiting from the revolving door that makes people cynical about the motivations of officeholders. Bayh has been hired by the U.S. Chamber of Commerce to go on a media tour with former White House chief of staff Andy Card and call for measures that would hamstring our regulatory system – the agencies and rules that ensure we have clear air, safe toys, a stable financial system and so forth.

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The Constitution (Article II, Sec. 2) provides that high-ranking public officials be selected by the president and assume office after the president seeks the “advice and consent” of the Senate.

When it comes to appointing officials who must clean up the wreckage wrought by Wall Street and establish new rules so that it doesn’t happen again, Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, seems to hold a different view.

This attorney and former prosecutor apparently views such nominations as his personal purview.

This week, Peter Diamond withdrew his name from consideration to serve on the Federal Reserve Board of Governors. Despite his Nobel Prize in economics, Shelby considered him “an old-fashioned, big government Keynesian.” Shelby serves in the minority and presumably would lose in a majority-wins vote on the Diamond nomination; but Shelby’s opinion doomed the Nobel Laureate.

Comes now the potential nomination of Elizabeth Warren to head the new Consumer Financial Protection Bureau.

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