Today (January 7th), the GOP-led House will vote on a package of bills that gut laws meant to protect the economy from Wall Street gambling. Will Democrats help them pass it?
UPDATE: The Democrats rejected Wall Street, and killed the bill! The bill needed 2/3rds of the House to vote yes to pass. The measure failed to achieve that 2/3rd threshold, with a final vote of 276-146.
Zach Carter reports for The Huffington Post that the House will vote on a package of eleven bills to roll back parts of the Wall Street Reform and Consumer Protection Act, passed in 2010. The most egregious part of the package is bill that would delay part of a law meant to prevent big banks from risky gambling–the kind of gambling that brought the economy to the brink in 2008.
The law Congress is considering delaying is called the Volcker Rule. The Volcker Rule says that the biggest banks can no longer make big profits by gambling, and must instead shift their business models to serving customers, and doing trades on their behalf. It also places limits on the amount of hedge funds and private equity funds they can own.
Wall Street has won many concession already in delaying and chipping away at the Volcker Rule. Last year, the Federal Reserve gave Wall Street an extension to 2017 for part of the Volcker Rule. The bill being considered by the House today, HR 37, would delay part of the Volcker Rule even longer: all the way to 2019.
Republicans may be leading the charge with this bill, but they need Democrats to pass it:
“The legislation can only pass the House if dozens of Democrats support it, since the bill will be brought up under special rules that require a two-thirds majority for approval. Rep. Keith Ellison (D-Minn.) will lead the opposition to the bill for Democrats on the House floor.”
If you’d like to tell your Representative to vote NO on this giveaway to Wall Street, call the Capitol Switchboard at 202-224-3121, and ask for your Rep by name. Here’s a sample script you can use:
Hello. I’m a constituent from ____, and I’m asking Rep _____ to vote AGAINST HR 37.
HR 37 would delay a part of the Volcker Rule, a key piece of Wall Street reform, all the way to 2019.
The Volcker Rule is meant to prevent big banks from the risky gambling that brought our economy to the brink. The ongoing delays to this new protection puts Americans at risk.
I’m asking Rep _____ to please vote AGAINST HR 37.
Read more @ The Huffington Post