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While you were reading about the NSA today (and the NSA, of course, was reading along with you), the House of Representatives passed several pieces of legislation with bipartisan majorities.

The House passed the South Utah Valley Electric Conveyance Act 404 to 0.  It passed the Rattlesnake Mountain Public Access Act 409 to 0.  And it voted to gut Dodd-Frank by a vote of 301 to 124.  Thankfully, at least, the big banks aren't as popular as Rattlesnake Mountain.

The Swap Jurisdiction Certainty Act, or--as former Golden Sachs programmer and current Occupy Wall Street activist called it---the "Intimidate the CFTC ACT"--changes how derivatives are regulated. One should immediately see warning lights by the word "certainty" with its echoes of the language that banks and polluters always use when they want to gut regulations--in the name of certainty, never self-interest.  The bill first would force the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to "harmonize" their rules governing derivatives, i.e., adopt the weaker rules of the SEC.  However, there's more danger in the bill because it would exempt foreign trades from regulation.  In an article this morning in the Washington Post, Goldstein explains,

It makes a crucial, and dangerous, blanket assumption: If a U.S. bank does derivatives trading in one of the nine largest swaps markets, that country’s rules are assumed to be as strong as the United States’, so the U.S. rules need not apply.

This is a ridiculous assumption, because if the rules were truly equivalent, there would be no need for this bill in the first place. In fact, this would allow U.S. banks to dodge U.S. rules in favor of weaker rules overseas. Yet as the last crisis showed, even when banks attempt to hide the risk overseas, that risk remains at home. AIG failed because of derivatives traded out of their London office. More recently, JPMorgan Chase lost more than $6 billion last year due to their infamous “London Whale” trades, which were the subject of a devastating report from the Senate’s Permanent Subcommittee on Investigations.

During the debate today, Carolyn Maloney (NY-12) said the bill would “create a loophole big enough to drive an AIG truck through." Jamie Dimon would be so proud of Congress!  The White House has expressed its disapproval of the bill but has not yet issued a veto threat.

As I noted earlier, the bill passed 301 to 124.  Among the 301 supporters were 228 Republicans and 73 Democrats.  The 124 opponents consisted of 122 Democrats and two lone Republican dissenters.

The two Republican dissenters, who deserve praise for breaking for party lines, were Walter Jones (NC-03), Iraq War critic and one of the few Republicans to vote against the Paul Ryan budget, and freshman Jim Bridenstine (OK-01).  If you live in their districts, call them and thank them for their vote against the bill.

Now, let's move to "name and shame" time.  Which 73 Democrats voted with Wall Street and put taxpayers at risk for future bailouts?  Almost all of the conservative Blue Dogs and corporatist New Dems voted for the bill.  Unfortunately, a few members of the Progressive Caucus (including Raul Grijalva?!) also voted for it.  Some of the Democrats in this list are pursuing higher office, e.g. Allyson Schwartz in the 2014 PA gubernatorial race, Gary Peters in the 2014 Michigan senatorial race.

Ron Barber (AZ-02) – New Democrat
John Barrow (GA-12) – New Democrat; Blue Dog
Ami Bera (CA-07) – New Democrat
Sanford Bishop (GA-02) – Blue Dog
Julia Brownley (CA-26)
G. K. Butterfield (NC-01)
Tony Cárdenas (CA-29)
John Carney (DE-AL) – New Democrat
Andre Carson (IN-07) – New Democrat; Progressive Caucus
William “Lacy” Clay (MO-01) – Progressive Caucus
Jim Clyburn (SC-06) – Assistant Democratic Leader; National Mobilization Chair, DCCC
Gerry Connolly (VA-11) – Vice-Chair, New Democrat Coalition
Jim Cooper (TN-05) – New Democrat; Blue Dog
Jim Costa (CA-16) – Blue Dog
Joseph Crowley (NY-14) – DC Finance Chair, DCCC
Henry Cuellar (TX-28) – Blue Dog
Elijah Cummings (MD-07) – Progressive Caucus
John Delaney (MD-06) – New Democrat
Susan DelBene (WA-01) – New Democrat
Tammy Duckworth (IL-08)
Elizabeth Esty (CT-05) – New Democrat
Bill Foster (IL-11) – New Democrat
Tulsi Gabbard (HI-02)
Pete Gallego (TX-23) – Blue Dog
Joe Garcia (FL-26) – New Democrat
Raul Grijalva (AZ-03) – Co-Chair, Progressive Caucus
Luis Gutierrez (IL-04) – Progressive Caucus
Janice Hahn (CA-44) – Progressive Caucus
Colleen Hanabusa (HI-01) – New Democrat
Denny Heck (WA-10) – New Democrat
Jim Himes (CT-04) – Vice Chair, New Democrat Coalition; National Finance Chair, DCCC
Steven Horsford (NV-04)  -- Progressive Caucus
Steve Israel (NY-03) – Committee Chair, DCCC
Hank Johnson (GA-04) – Progressive Caucus
Robin Kelly (IL-02)
Derek Kilmer (WA-06) – New Democrat
Ron Kind (WI-03) – Chair, New Democrat Coalition
Ann Kirkpatrick (AZ-01)
Ann McLane Kuster (NH-02) – Progressive Caucus
Rick Larsen (WA-02) – Vice-Chair, New Democrat Coalition
Daniel Lipinski (IL-03)
Nita Lowey (NY-17)
Dan Maffei (NY-24) – New Democrat
Sean Maloney (NY-18) – New Democrat
Jim Matheson (UT-02) – Blue Dog
Mike McIntyre (NC-07) – New Democrat; Blue Dog
Jerry McNerney (CA-09)
Grace Meng (NY-06)
Gwen Moore (WI-04) – Progressive Caucus
Patrick Murphy (FL-18) – New Democrat
Bill Owens (NY-21) – New Democrat
Ed Perlmutter (CO-07) – New Democrat
Scott Peters (CA-52) – New Democrat
Gary Peters (MI-14) – New Democrat; Vice Chair of DCCC’s Recruitment Committee; Michigan Senate candidate
Collin Peterson (MN-07) – Blue Dog
Jared Polis (CO-02) – New Democrat; Progressive Caucus; National Chair for Candidate Services, DCCC
Mike Quigley (IL-05) – New Democrat
Nick Rahall (WV-03)
Cedric Richmond (LA-02) – New Democrat
Raul Ruiz (CA-36)
Dutch Ruppersberger (MD-02)
Loretta Sanchez (CA-46) – New Democrat; Blue Dog
Brad Schneider (IL-10) – New Democrat
Kurt Schrader (OR-05) – New Democrat; Blue Dog
Allyson Schwartz (PA-13) – Vice Chair, New Democrat Coalition; PA Gubernatorial Candidate
Terri Sewell (AL-07) – New Democrat; Vice Chair of Finance, DCCC
Brad Sherman (CA-30)
Krysten Sinema (AZ-09) – New Democrat
Bennie Thompson (MS-02) – Progressive Caucus
Juan Vargas (CA-51) – New Democrat
Marc Veasey (TX-33)
Filemon Vela (TX-34) – New Democrat

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Comment Preferences

  •  So then this moves on to the Senate? (8+ / 0-)

    I'm guessing.

     Dodd-Frank was pretty weak to begin with, but it looks like it'll be completely gutted by the end of the Obama term.

    “Wall Street had been doing business with pieces of paper; and now someone asked for a dollar, and it was discovered that the dollar had been mislaid.” ― Upton Sinclair

    by gjohnsit on Wed Jun 12, 2013 at 06:37:05 PM PDT

    •  I hope Obama would veto this (1+ / 0-)
      Recommended by:

      Just maybe?

      "Societies strain harder and harder to sustain the decadent opulence of the ruling class, even as it destroys the foundations of productivity and wealth." — Chris Hedges

      by Crider on Wed Jun 12, 2013 at 06:59:21 PM PDT

      [ Parent ]

      •  Not likely, he's fundraising for the midterms (5+ / 0-)
        Recommended by:
        Lujane, JerryNA, RWood, unfangus, apimomfan2

        Using his Goldman Sachs guy who he put in charge of DCCC fundraising.

        One hand washes the other.  Machine politics.

        Crowley was investigated in 2010 for possible ethics violations relating to his GS connections and influencing votes on the FinReg bill.

        Lobbyist fund-raisers for powerful Rep. Joe Crowley are being asked about their dealings with the New York Democrat and seven other legislators, his office acknowledged Monday.

        House ethics cops apparently want to know whether their donations swayed lawmakers' votes on the financial reform bill that passed the House last year, two lawmakers in the preliminary probe told The Hill newspaper.


        He still maintains close ties with GS, promoting them in his district

        Congressman Crowley Urges Constituents  to Join Goldman Sachs 10,000 Small Businesses  

        "If you can't take their money, eat their food, drink their booze and then vote against them, you have no business being in DC."

        by Betty Pinson on Wed Jun 12, 2013 at 07:18:00 PM PDT

        [ Parent ]

  •  Thank god I live in Garamendi's district. (1+ / 0-)
    Recommended by:

    if a habitat is flooded, the improvement for target fishes increases by an infinite percentage...because a habitat suitability index that is even a tiny fraction of 1 is still infinitely higher than zero, which is the suitability of dry land to fishes.

    by mrsgoo on Wed Jun 12, 2013 at 06:48:59 PM PDT

  •  Joseph Crowley is the Goldman Sachs guy (5+ / 0-)

    He came from Wall Street to get a seat in the House and was quickly appointed to Finance Chair for the DCCC.

    He's spent a lot of time raising cash for the DCCC on Wall Street.

    My guess is that he twisted the arms of some Progressives, telling a few lies about how the bill will get "fixed" in the Senate or some other BS.  

    Crowley also probably let them know they won't be receiving any cash from DCCC for their re-election campaigns and  will likely face a well funded ConservaDem primary challenger unless they get on board with killing Dodd Frank.

    The appointment of this Goldman Sachs guy, Joseph Crowley, to Finance Chair for DCCC is an outrage, pure and simple.  It's an obvious, massive conflict of interest.  The House Dems might as well hang a sign that says "we take bribes from Wall Street."

    If it isn't illegal, it should be.   The GOP has already been making noises about it, so you can bet they'll use it against Dems in 2014.

    Why are our Dem leaders in DC so corrupt and stupid?

    "If you can't take their money, eat their food, drink their booze and then vote against them, you have no business being in DC."

    by Betty Pinson on Wed Jun 12, 2013 at 06:55:33 PM PDT

  •  and the surprise is from? (4+ / 0-)
    Recommended by:
    RWood, skod, unfangus, apimomfan2

    These people are in the pockets of Goldman Sachs and other big banks.  Not directly but through the DNC.

    As Robert Reich said "Who needs Republicans when Wall Street has Democrats"

    we have been lied to by the DNC that they really care about social justice, civil rights, and ending wars.  No wonder the GOP is gaining ground by pointing at the hypocrites in office.

    Stupid question hour starts now and ends in five minutes.

    by DrillSgtK on Wed Jun 12, 2013 at 07:02:14 PM PDT

  •  Denny Heck? My Oh My! (2+ / 0-)
    Recommended by:
    snoopydawg, apimomfan2

    That's my congressman.  Have to give his office a little ring a ling tomorrow morning.  

  •  Elizabeth Esty (CT-05) (1+ / 0-)
    Recommended by:
    from Meriden and New Britain in central Connecticut, to Waterbury, the Litchfield Hills, and the Farmington River Valley
    Know that Ms Etsy has been hearing from some of her powerful constituents.
    Sne now needs to hear from the rest of them.
    DC Phone:    202-225-4476

    District Office - Voice: 860-223-8412

    Maya Angelou: "Without courage, we cannot practice any other virtue with consistency. We can't be kind, true, merciful, generous, or honest."

    by JoanMar on Wed Jun 12, 2013 at 07:35:32 PM PDT

  •  Banks' Lobbyists Help in Drafting Financial Bills (1+ / 0-)
    Recommended by:

    Some background fromthisMay 23 article

    In a sign of Wall Street’s resurgent influence in Washington, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)
    and Rep. Crowley was hosting tours of Wall Street (emphasis mine)
    But most of the Democrats on the committee, along with 31 Republicans, came to the industry’s defense, including the seven freshmen Democrats — most of whom have started to receive donations this year from political action committees of Goldman Sachs, Wells Fargo and other financial institutions, records show.

    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.

    Yeah, this guy is Finance Chair for DCCC.

    "If you can't take their money, eat their food, drink their booze and then vote against them, you have no business being in DC."

    by Betty Pinson on Wed Jun 12, 2013 at 07:38:13 PM PDT

  •  Call them democrats (2+ / 0-)
    Recommended by:
    snoopydawg, apimomfan2

    For what?

  •  Delaney (MD-06) and Ruppersburger (MD-02) are (1+ / 0-)

    "bidness-friendly" Democrats, i.e. good ol' boy former bidnessmen turned good ol' boy party machine politicians from below the Mason-Dixon line.  They've done Lots of back-slapping deals, both bidness and political, with the line between often blurring.  Let's just say they're very friendly with businesses- friendly enough to let bidnesses screw over their own constituents, as further evidenced with this vote.  They're not liberals nor progressives, just Southern Democrats, albeit better than Southern Republicans on some issues.  Just not here.

  •  thanks and let me add... (1+ / 0-)
    Recommended by:

    the voting record of many dems would shock us.  in some ways this is what I believed happened to Nader many years ago before he turned on both parties...and it is a message many of the party faithful do not want to hear about....

  •  Yay! Go Blue Team (0+ / 0-)

    The Democratic Party is the best party evah!!!

    "The problem with posting quotes off the Internet is you never know if they're genuine."--Gen. George Washington at the Battle of Gettysburg, February 30, 1908

    by Aspe4 on Thu Jun 13, 2013 at 06:46:43 AM PDT

  •  Progressive caucus democrats voting for this? (1+ / 0-)
    Recommended by:

    I am sooo sick and tired of supposedly progressive democrats saying anything to get elected only to turn right around and stab us in the back. Why bother voting for or giving money to liars? I'm still steamed about Obama's fixation with cutting Social Security. How can a democrat EVER even think of cutting Social Security? Disgusting.

  •  "New Democrat" is just another way of saying (1+ / 0-)
    Recommended by:


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