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Seventy House Democrats voted with the GOP to undo the part of Dodd-Frank financial reform law that prevents banks from engaging in risky derivatives trading with funds insured by government programs like deposit insurance. The GOP says the rule is unnecessary and would be expensive for banks. (We weep for the poor, put-upon Wall Street banks.). This is the eighth bill the House has passed in their attempts to dismantle financial reform.

New Democrat Coalition members formed the majority of these votes with three-fourths of the New Dems voting against President Obama's position that any weakening of Dodd-Frank opens the door to dismantling it.

Indeed, the New Dems are the "Coalition that Pharma and Wall Street Love."

Not having this rule and other rules preventing banks from gambling with tax-payer insured deposits proved expensive to us (CBO estimates $21 billion) and the economy. Credit derivatives helped push the insurance giant American International Group (AIG) to the brink of collapse in 2008.

According to Dennis Kelleher of financial reform group, Better Markets:

"This bill would allow Wall Street's too big to fail banks to use insured deposits for their derivatives trading and gambling. That is indefensible."
Representative Collin C. Peterson, Democrat of Minnesota echoed these sentiments:
“It is clear that Wall Street has not learned its lesson. This bill would effectively gut important financial reforms and put taxpayers potentially on the hook for big banks’ risky behavior.”
As is often the case, Hawaii's only conserva-Dem Congressional member, Colleen Hanabusa, joined the GOP and the other New Democrat Coalition members in voting for the Wall Street Bank interests.

According to the New York Times:

Citigroup lobbyists drafted more than 70 of the 85 lines of the House bill.
Predictions are that the Senate will not pass this bill.  Progressive Senator Brian Schatz (D-HI) is expected to vote no.  What a different scenario we'd have if Colleen Hanabusa is successful in her primary challenge to him.

Below the fold, New Dems and how they voted.

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You must enter an Intro for your Diary Entry between 300 and 1150 characters long (that's approximately 50-175 words without any html or formatting markup).

Note: Updated to reflect that Joe Courtney (CT-02) voted NAY (not both nay and aye)

AYE
Ron Kind (WI-03), Chair
Jim Himes (CT-04), Vice-Chair
Rick Larsen (WA-02), Vice-Chair
Gerry Connolly (VA-11), Vice-Chair

Ron Barber (AZ-02)
John Barrow (GA-12)
Ami Bera (CA-07)
John Carney (DE-At Large)
John Delaney (MD-06)
Eliot Engel (NY-16)
Elizabeth Esty (CT-05)
Bill Foster (IL-11)
Joe Garcia (FL-26)
Pete Gallego (TX-23)
Colleen Hanabusa (HI-01)
Denny Heck (WA-10)
Derek Kilmer (WA-06)
Dan Maffei (NY-24)
Sean Patrick Maloney (NY-18)
Mike McIntyre (NC-07)
Gregory Meeks (NY-05)
Jim Moran (VA-08)
Patrick Murphy (FL-18)
Bill Owens (NY-21)
Ed Perlmutter (CO-07)
Gary Peters (MI-14)
Scott Peters (CA-52)
Jared Polis (CO-02)
Mike Quigley (IL-05)
Cedric Richmond (LA-02)
Loretta Sanchez (CA-46)
Brad Schneider (IL-10)
David Scott (GA-13)
Terri Sewell (AL-07)
Kyrsten Sinema (AZ-09)
Juan Vargas (CA-51)
Debbie Wasserman Schultz (FL-23)

Nay
Allyson Schwartz (PA-13), Vice-Chair
Lois Capps (CA-24)
André Carson (IN-07)
Joaquin Castro (TX-20)
Joe Courtney (CT-02)
Susan Davis (CA-53)
Suzan DelBene (WA-01)
Rush Holt (NJ-12)
Adam Schiff (CA-28)
Kurt Schrader (OR-05)
Adam Smith (WA-09)
Filemon Vela (TX-34)

Not Voting
Jim Cooper (TN-05)
Carolyn McCarthy (NY-04)

Fri Nov 01, 2013 at  5:42 PM PT: Daily Show on the Dodd-Frank Act

Tue Nov 05, 2013 at  2:45 PM PT: An excellent video explanation of this bill and more condemnation of those who voted for it: http://u.pw/...


Extended (Optional)

Poll

Which is worse?

9%8 votes
2%2 votes
88%76 votes

| 86 votes | Vote | Results

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