Action Alert: Carper, Coons betray us yet again–this time it’s banking

“Quisling Senate Democrats are collaborating with congressional Republicans and President Trump to roll back the Dodd-Frank financial reform bill.”

I could likely write a post every day about some disgusting action or vote by Carper/Coons (they are usually in lockstep).  Most recently, on Feb 14th, we reported on their support for “big ag” pollution over peoples’ health and quality of life.

The Onion recently had this to say about Carper, but it might just as well be said about Coons:

“It’s as if some of these special interest groups think they can just walk into my office and buy my influence for no more than a few grand. Can you believe the goddamn nerve of people like that?”
“Having sworn to support and defend the Constitution, the very least I can do is demand the absolute best price for my vote.”

This time it’s bank deregulation.

Carper/Coons think the banks that own them are suffering too much from government regulation.  So they are cosponsoring a bank deregulation bill, S.2155, the “bank lobbyists bill.”

S. 2155 has 25 cosponsors, 12 of whom are “Democrats.”  Two of these, of course are Carper/Coons.

There’s already been one roll call vote on S.2155.  Carper/Coons voted in favor.

Here is what New York Magazine says about it:

In the Senate this week, Democrats and Republicans are poised to “break through the partisan gridlock that has plagued Washington,” and “show voters that it’s still possible to get things done in an often paralyzed Congress.”

Specifically, they’re prepared to show voters that it’s still possible for lawmakers to put aside their differences, and work together to help banks discriminate against black people, coerce mobile-home buyers into predatory loans, and pursue high-risk lending strategies that increase the likelihood of a future financial crisis.

Senator Elizabeth Warren of Mass. said:

I call it like I see it on the #BankLobbyistAct:

This week, the Senate began advancing a bill that reduces oversight of some of the biggest banks in the country. The independent Congressional Budget Office says the bill will increase the risk of future bailouts. It’s a dangerous proposal. Senate Republicans voted unanimously for it — but the bill wouldn’t be on track to becoming the law without the support of more than a dozen Senate Democrats.

That’s just the truth. But since I called out some of my Democratic colleagues for their support, I’ve been taking heat from fellow Democrats. I get it — no one likes to be criticized, let alone by someone on their team. And let’s be totally clear: I agree with my Democratic colleagues a heck of a lot more than I agree with my Republican ones.

But there’s a long history in Washington of members of both parties teaming up to deregulate banks — followed soon after by a financial crisis. It happened in the early 1980s when there was bipartisan support for deregulating savings and loans associations — and the S&L crisis hit a few years later. It happened in 1999 and 2000 with the repeal of Glass-Steagall and the passage of a bill to reduce oversight of derivatives — and a devastating financial crisis built on giant megabanks and risky derivatives hit within a decade. And now, with help from some Democrats, it’s on track to happen again.

Saying that doesn’t make me the most popular kid on the team. But that’s not why I ran for the Senate. The people of Massachusetts didn’t send me here to fight for big banks. They sent me here to fight for them. And so long as I am privileged to hold this job, that’s exactly what I’m going to do. ​

David Dayen at The Intercept has a detailed discussion of S.2155:

Senate Claims to Fix Its Wall Street Bill, but a Look at the Text Says It’s Still a Giveaway

And we will close with Ryan Cooper at The Week:

Quisling Senate Democrats are collaborating with congressional Republicans and President Trump to roll back the Dodd-Frank financial reform bill. So far they have broken a filibuster, and the bill looks set for passage. It’s an immensely horrible idea that significantly raises the risk of a future financial crisis.

However, it should also be emphasized that this deregulation package is racist both in specifics and in general effect. It’s a perfect demonstration of how centrist Democrats sell out their most loyal voting bloc to predatory Wall Street banks.

So what can you do?

It’s hard to influence Carper/Coons because they are so thoroughly sold out, but you can try:

Make your calls and ask that Carper and Coons WITHDRAW their support for S.2155.

Call Coons:  202-224-5042
Call Coons’ State Director, Jim Paoli, 302.573.6345

Call Carper:  202-224-2441
Call Carper’s State Director, Lori James, 302.573.6291

And, call Congressperson Lisa Blunt-Rochester, 202.225.4165.   Ask her NOT to support a House version of S.2155

(Phone calls are generally more effective than emails because some staffer has to take time to deal with them.)

What you do matters.

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