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Why Did ALL the Freshman Democrats Vote to Deregulate Wall St?

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Every single Freshman Democrat voted for the latest batch of bills that deregulated Wall Street. They voted for HR 992, which says banks can hold almost ALL of their risky derivatives in the FDIC-insured depository being two of the worst offending bills. HR 992, by the way, was written by Citigroup. And, except for Rep Joyce Beatty, the freshman also all  voted for HR 1256, which says US banks can move derivatives overseas to dodge regulations.

And why did they do such a thing? The NYTimes provides a clue:

Six days after the vote, several freshmen Democrats were in New York to meet with bank executives, a tour organized by Representative Joe Crowley, who helps lead the House Democrats’ fund-raising committee. The trip was planned before the votes, and was not a fund-raiser, but it gave the lawmakers a chance to meet with Wall Street’s elite.

In addition to a tour of Goldman’s Lower Manhattan headquarters, and a meeting with Lloyd C. Blankfein, the bank’s chief executive, the lawmakers went to JPMorgan’s Park Avenue office. There, they chatted with Jamie Dimon, the bank’s chief, about Dodd-Frank and immigration reform.

The Freshman Democrats are Reps. John Delaney (D-Md.), Dennis Heck (D-Wash.), Dan Kildee (D-Mich.) Patrick Murphy (D-Fla.), Rep Joyce Beatty (D-Ohio), and Kristin Sinema (D-Ariz.).

If you feel like tweeting them, here’s a starting point:

Click to Tweet Rep Heck:

@RepDennyHeck you voted for 3 bills to benefit WallSt at expense of Main St. You get a 2nd chance Weds #NAYonHR1256 http://bit.ly/1a13S8S


Click to Tweet Rep Sinema:

@kyrstensinema you voted for 3 bills to benefit WallSt at expense of Main St. You get a 2nd chance Weds #NAYonHR1256 http://bit.ly/1a13S8S
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  1. becausefinanceisboring posted this