THE BLOG

Is Your Member Of Congress Owned By Wall Street?

11/05/2013 05:13 pm ET | Updated Jan 23, 2014

You'll be able to find out, simply by clicking on a link in this news report. First, however, the relevant background here:

On Wednesday, October 30th, a crucial vote was taken in the U.S. House of Representatives, on whether there should be meaningful regulation of the types of till-now unregulated financial derivatives that brought down the world's economies in 2008. In order to be able to get this legislative measure, which is a bill to repeal Section 716 of the Dodd-Frank Act, to pass in the Republican House with some Democratic votes, and not only with Republican votes, Wall Street's operatives literally lied through their teeth, and, as Ryan Grim and Shahien Nasiripour of Huffington Post headlined on October 30th, Wall Street managed to have corrupt "Democrats Claim Barney Frank, Sheila Bair, Maxine Waters Back Deregulation Bill. That's Not True." In other words, Wall Street and its agents blatantly lied here. In fact: Barney Frank, Sheila Bair, and Maxine Waters vigorously condemned this Republican bill.

Barney Frank said: "Citigroup wrote a bill that's about gutting a provision of Dodd-Frank called 'swaps pushout' that says you can't have derivatives in the place where you have your grandma's savings account ... insured. ... I wanted to be able to kill it." He regretted that he wasn't able to get it killed.

Bair said: "I opposed the original [Blanche] Lincoln Amendment" in the Senate, "as it would have pushed all derivatives activity completely outside of regulated bank holding companies. ... I do not support efforts to repeal section 716. ... This [misrepresentation] is really annoying."

Waters herself had been one of the only 6 members of the House Committee on Financial Services who voted against this measure even being put to a House vote (53 members on that Committee voted for it to go to a vote of the full House). On October 30th, she yet again voted against it, when the full House finally did take it up.

There is thus no real question that Wall Street and its agents were lying to say that those three - each one of whom had helped actually to lead in support of enforcing Section 716 of the Dodd-Frank Act - endorsed repealing that key provision.

So: did your member of Congress join Wall Street here, even though Wall Street's lying was so blatant in support of repealing this provision?

As you can see there, only 122 members of the U.S. House of Representatives voted against repealing this crucial protection of U.S. Taxpayers - this crucial provision to not extend to Wall Street's gambling casinos the federal insurance that was originally intended only for ultra-safe savings accounts and checking accounts. (That roll-call is where you will see Maxine Waters' floor-vote against the repeal-measure.) There were 292 "Aye" votes, including 222 Republicans, and 70 Democrats. There were only 122 "No" votes, including 3 Republicans, and 119 Democrats. (One of the 70 Democrats who voted to gut Section 716, and so, in effect, to hold the U.S. public again vulnerable to bailing out the Wall Street mega-banks if their gambles go bad, was congressperson Debbie Wasserman Schultz, the friend of Hillary Clinton that Barack Obama chose to head the Democratic National Committee; so, the corrupt Democratic Establishment were in league with virtually all Republicans on this. The only 3 clean Republicans here were: John Duncan of Tennessee, Walter Jones of N.C., and Thomas Massie of Kentucky.)

119 Democrats and 3 Republicans voted against extending federal insurance to Wall Street's casinos. 222 Republicans and 70 Democrats voted in favor of extending federal insurance to Wall Street's casinos.

No House vote in recent memory could be a clearer indication of the identities of the members of the House of Representatives who actually represent Wall Street, and of the members who represent the public that elected them.

Wall Street evidently owns 292 members of the U.S. House. Only 122 members are not owned by Wall Street.

It's something worth making note of. Apparently, at least 292 members of the U.S. House are corrupt - they are the ones whose owners are, clearly, the mega-financial institutions, who benefit from this taxpayer-funded gravy-train for the most elite category of gamblers.

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