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Sen. Chris Dodd (D-Conn.), author of the financial reform legislation in front of the Senate, is losing patience with opponents of his bill who are doing little more than spouting Wall Street talking points. And, yes, he says “poppycock.” (via TPM)
While Wall Street is spending millions opposing the creation of a Consumer Financial Protection Agency, Elizabeth Warren, chairwoman of TARP’s Congressional Oversight Panel, points out today in Politico that just a few years ago the American Bankers Association had argued just the opposite. In 2006, the ABA argued that consumer protection duties should not be given to banking regulators because it would create “confusion.” Those duties should be handled by a separate entity, the bankers said in a memo to federal officials. Warren calls out the ABA:
The lobbyists’ consistent theme is unmistakable: They oppose meaningful rules in the consumer credit market.
In 2006, they opposed any structure that might have produced rules to rein in subprime mortgage lending. In 2010, they oppose any structure that might rein in a broader array of tricks and traps.
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Recently, a financial industry lobbyist said because Sen. Christopher Dodd (D-Conn.) is retiring, he is now free to “dance with the special interests that brought him to the dance in the first place. Us, his loyal donors in the banking community.”
Nearly 46,000 concerned Americans joined Public Citizen and our partners in saying, “No way!” Dodd is now free to do the right thing and hold the banksters accountable.
Americans for Financial Reform, Credo, Consumer Watchdog and the Center for Media and Democracy helped collect signatures. Together, we urged Dodd to keep up the fight for significant financial reform to rein in Wall Street and prevent another economic crisis. In particular, we called on Dodd to ensure there is a strong and independent Consumer Financial Protection Agency.
Last year, Wall Street spent $29.8 million on lobbying to undermine financial reform — a jump in spending of 12 percent, according to the Los Angeles Times.
Next week, Senate Banking Chairman Chris Dodd (D-Conn.) is expected to introduce legislation that is the result of months of bipartisan negotiation.
But will it be the real reform the people are demanding, or will it be the weak half-measure the banks are lobbying for?
Add your name to our petition urging Senator Dodd to fight for real reform!
At a recent hearing, Dodd said, “Too many people in the [financial] industry have decided to invest in an army of lobbyists, whose only mission is to kill the commonsense financial reforms that we are working so hard up here to try to achieve.”
Tell Dodd to keep standing up to the big bank lobbyists! We need financial policies that put the American people before Wall Street’s profits.
As you may already know, we’ve been working to make sure Senate Banking Committee Chairman Christopher Dodd (D-Conn.) stands up for the proposed Consumer Financial Protection Agency and serious financial reform. There have been rumors he might cave in to the corporate special interests on that – but his in his statement on Citizens United v. FEC, it sounds like he just might be ready to take the gloves off and fight for consumers:
From the Courant‘s Capitol Watch blog (emphasis added):
“What a terrible day for American democracy,” U.S. Sen. Chris Dodd said in a statement. “With this 5-4 decision, a deeply divided Supreme Court has essentially given corporations free rein to drown out the voices of the American people, rejecting the sacred democratic principle of ‘one person, one vote.’ By overturning the century-old cornerstone of our campaign finance laws, they have opened the floodgates of direct corporate spending, allowing our political discourse and the legislative process to be further corrupted by huge corporations. I intend to pursue every legislative option – including a constitutional amendment to allow Congress and the states to put appropriate limits on campaign spending – to restore the trust and voice of the American people.”
