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Meet the Democratic 'Dirty Dozen' Working to Gut Financial Reforms

March 10, 2018 in Blogs

By Marshall Auerback, AlterNet

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This act of regulatory vandalism highlights everything that is corrupt about our political system.


As if to maximize the possibility of another major financial crisis, the Trump administration and the GOP have recently been busy undercutting the limited safeguards established a decade ago via Dodd-Frank. The latest example of this stealth attack on Wall Street reform is the Economic Growth, Regulatory Relief, and Consumer Protection Act, appropriately sponsored by Republican Senator Mike Crapo of Idaho, chairman of the Senate Banking Committee. Appropriate, because this is literally a “crapo” bill. It provides a few “technical tweaks” to Dodd-Frank in the same way in which protection payouts to organized crime provide businesses with “insurance” against property damage. In reality, it is an act of regulatory vandalism, which highlights everything that is corrupt about our political system.

We have grown to expect no less from the GOP, whose sole raison d’etre these days seems to be filling the trough from which America’s fat cats can perpetually gorge themselves. What is truly disturbing, however, is that the Republican effort is being given bipartisan cover by more than a dozen Democratic senators: Doug Jones (Ala.), Joe Donnelly (Ind.), Heidi Heitkamp (N.D.), Jon Tester (Mont.), Mark Warner and Tim Kaine (both from Va.), Claire McCaskill (Mo.), Joe Manchin (W.Va.), Gary Peters (Mich.), Michael Bennet (Colo.), Chris Coons (Del.), and Tom Carper of Delaware. To this esteemed group, we should also add Senator Angus King (ME), an Independent who regularly caucuses with the Democrats. So, in reality, it’s a filibuster-proof “Baker’s Dirty Dozen.” Digging into the details, perhaps this is what Senator Mitch McConnell had in mind when he predicted more bipartisanship in Congress this year. In co-sponsoring this bill, the 13 senators are providing cover for the GOP when …read more

Source: ALTERNET

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