Last week, the GOP bill to delay Dodd-Frank failed on a procedural vote, with Democrat Kyrsten Sinema joining Arizona’s GOP Caucus to lift regulations on the banksters of Wall Street who so badly want to return to speculative casino capitalism.
Well, Kyrsten Sinema repeated her sin yesterday in helping the GOP to pass the bill drafted by the banksters of Wall Street. The Hill reports House passes Dodd-Frank changes:
The House on Wednesday passed legislation, blocked by Democrats last week, that would delay the implementation of a controversial provision in the 2010 Dodd-Frank Wall Street reform law.
Passage fell largely along party lines by a vote of 271-154. Twenty-nine Democrats joined all but one Republican in support.
The 29 Democrats were Reps. Brad Ashford (Neb.), Ami Bera (Calif.), Don Beyer (Va.), Sanford Bishop (Ga.), Julia Brownley (Calif.), Cheri Bustos (Ill.), John Carney (Del.), Gerry Connolly (Va.), Henry Cuellar (Texas), John Delaney (Md.), Bill Foster (Ill.), Gwen Graham (Fla.), Brian Higgins (N.Y.), Himes, Derek Kilmer (Wash.), Ron Kind (Wis.), Rick Larsen (Wash.), Dan Lipinski (Ill.), Sean Patrick Maloney (N.Y.), Patrick Murphy (Fla.), Scott Peters (Calif.), Jared Polis (Colo.), Mike Quigley (Ill.), Raul Ruiz (Calif.), Kurt Schrader (Ore.), David Scott (Ga.), Terri Sewell (Ala.), Kyrsten Sinema (Ariz.) and Albio Sires (N.J.).
The measure had first hit the House floor last week, on the second day of the new Congress, under a fast-track procedure typically reserved for noncontroversial bills that requires a two-thirds majority for passage. But Democrats prevented it from reaching a two-thirds majority, limiting its support to a vote of 276-146.
The legislation came to the floor Wednesday under a procedure requiring only a simple majority, ensuring its passage.
The bill, which the White House is threatening to veto, would delay implementation of Dodd-Frank’s “Volcker rule” until 2019, rather than 2017 as originally planned.
The Volcker Rule, named after former Federal Reserve Chairman Paul Volcker, requires big banks to sell-off financial investments known as collateralized loan obligations (CLOs).
Progressives argue that CLOs are a risky form of financing that, if left unregulated, could lead to another financial collapse. But centrist Democrats and Republicans say CLOs are an important way for small and big businesses alike to obtain financing during a sluggish economic recovery.
Twenty-nine House Democrats supported the bill, bucking the White House and progressive leaders including Sen. Elizabeth Warren (D-Mass.) and House Minority Leader Nancy Pelosi (D-Calif.), who were working to keep Democrats in opposing the bill.
The package is comprised of 11 bills previously considered in the last Congress.
Democrats who voted in favor of Wednesday’s legislation comprised a coalition of “centrists” (sic) and lawmakers with ties to Wall Street. Don’t ignore the fact that all of our Arizona Tea-Publicans voted to weaken regulations on the banksters of Wall Street, whose speculative casino capitalism nearly destroyed our financial system in 2008 with a financial melt down that gave us the Bush Great Recession, the worst economic catastrophe since the Great Depression.
The banksters of Wall Street got bailed out by the people they hurt, the American taxpayer, and have since recouped all of their losses. Not one bankster of Wall Street ever went to jail for the the largest fraud in the history of the world. Now members of Congress are giving these banksters a free pass to do it all again.