Something Insane Just Happened in the House of Representatives

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Something Insane Just Happened in the House of Representatives

// The Problem

Democrats and Republicans in the House of Representatives are so sold out to Wall Street lobbyists, they’ll do anything Wall Street asks. Even if it means crashing the entire economy…again!

The U.S. House just passed a bill called H.R. 992 — the Swaps Regulatory Improvement Act — that was literally written by mega-bank lobbyists. It repeals the laws passed in 2010 to prevent another meltdown like the one that crashed our economy in 2008. The repeal was cosponsored by a former Goldman Sachs executive and passed with bipartisan support from some of the House’s largest recipients of Wall Street cash. It’s so appalling… so unbelievable… so blatantly corrupt… that you’ve got to see it to believe it:

In 2010, Congress passed the “Dodd-Frank” law to clamp down on risky “derivatives trading” that led to the financial collapse of 2008. Dodd-Frank was weakened by banking lobbyists from the start and has been under attack by those lobbyists ever since. Now a new law written by Citigroup lobbyists (we couldn’t make this stuff up if we tried) exempts derivatives trading from regulation, and was passed this week by the House of Representatives with broad bipartisan support.

It sounds bad… but don’t worry, it gets much, much worse:

  • The New York Times reports that 70 of the 85 lines in the new House bill were literally written by Citigroup lobbyists (Citigroup was one of the mega-banks that brought our economy to its knees in 2008 and received billions in taxpayer money.)
  • The same report also revealed “two crucial paragraphs…were copied nearly word for word.” You can even view the original documents and see how Citigroup’s lobbyists redrafted the House Bill, striking out ideas they didn’t like and replacing them with ones they did.
  • The bills are sponsored by Randy Hultgren (R – IL), and co-sponsored by Rep. Jim Himes (D-CT) and others. Himes is a former Goldman Sachs executive, and chief fundraiser for the Democratic Congressional Campaign Committee.
  • Maplight reports that the financial industry is the top source of campaign funding for 6 of the bills’ 8 cosponsors.
  • Maplight’s data shows that members of the House received $22,425,740 million from interest groups that support the bill — that’s 5.8 times more than it received from interest groups opposed.
  • “House aides, when asked why Democrats would vote for this proposal even though the Obama administration opposes it, offered a political explanation. Republicans have enough votes to pass it themselves, so vulnerable House Democrats might as well join them, and collect industry money for their campaigns.” — New York Times

Yep, it’s actually that bad. For the full story, check out this revealing piece by Represent.Us Communications Director Mansur Gidfar. You can also find out if your Rep. voted for H.R.992 here.

We elect Representatives to the House to represent us, the people — but both parties now refuse to do the job we elected them to do. And they won’t until we force them to. The American Anti-Corruption Act would stop this corruption, and Represent.Us is the movement behind the Act. Together, we can make blatant corruption illegal with simple reforms. It’s common sense that elected officials should be barred from collecting money from the industries they regulate.

Help us build enough momentum to take America back.

  • Nicole

    Jim Himes is my Rep.! I voted for him! After I finsh sgning & sharing I am going straight to Himes’s FB page to tell him to abandon & fix this or I will be voting agaisnt him in the next electio & will be telling everyone I know & even people I don’t know all about how corrupt he is & to vote against him as well! (And I have a very big mouth when it comes to bull like this!!)

    • Dan

      Why the hell would you EVER vote for ANYONE who has worked for Citibank?!? This is YOUR FAULT. Seriously!

      • Joe

        Lighten up Dan and aim your grief at your congressman.

      • SparkyJP

        Don’t fight each other, Fight Corruption.

        (I like that phrase a lot)

        It’s the system that’s broken; not Nicole’s individual vote.

        Big money comes in during the primaries and filters out all candidates not willing to “Play Ball”; leaving only crooks to vote for in the general auction …… I mean election.

        It doesn’t matter anymore who you vote for because they’re ALL bought. It’s time to understand that the culprit is Money in Politics. They’re not giving millions and expecting nothing in return.

        Repubs, Dems, Ind’s, Greens, Libs, etc. …. we’re ALL getting it broke off in our ass.

        • AmianteTarvoke

          Actually, the Green Party does not accept money from corporations!

          • SparkyJP

            I know – for that reason and their platform is why I joined them.

            What I was trying to say was that it doesn’t matter what political persuasion you are because they are robbing ALL of us. It affects all of us. Bailing out the banks again screws EVERYONE.

            Cheers :)

          • dsg

            They also don’t get anyone elected.

        • Plugger

          You said it Sparky, It’s all of them and we are getting it worse and worse… Bend over America here i

        • No Tea

          Right. Besides, most of us don’t vote FOR candidates, we vote AGAINST the worst. And I don’t think not voting is an answer unless you want to let them have the whole ball of wax. And I am right at that edge. I have friends that no longer vote and I respect that. The whole system is shot, and participating in it at any level just sullies your own rep.

          But then again, I can’t just let the bastages win without a swing going down. I vote for blocks to put under the wheels as we push the system out of the swamp and back up the hill where it belongs. Move it an inch, then vote for a candidate just slightly less scummy than the other to stop it from rolling back down a little. Unless/until we can get drastic reform (usually not a pleasant process) that’s all we can do.

      • Nicole

        Unfortunately when we vote it’s not for the better candidate it’s for the lesser of two weasels….ooops I meant evils!

        • kmkirb

          Too funny, but all too true Nicole.

        • rayperry4@aol.com

          Weasels was the right word to use there.

    • Rindor

      FYI… Voting has not worked. Look at where we are. The results of voting is useless. If voting actually changed anything, they would make it illegal. And I apologize for my little rant. I’m just disgusted at what greed has done to this once great nation.

      • Nicole

        It’s what we’ve got, what else is there? Seriously, what else can be done? We certainly are not having a 2nd Revolution, so any ideas?

        • kmkirb

          Get money out of politics, that’s what we have got to do.

          “Move to Amend Take Action Webinar”… Please RSVP: Move to Amend Monthly Take Action Webinar (Nov 5 @4pm Pacific/ 7pm Eastern)

          http://movetoamend.nationbuilder.com/webinar110513?recruiter_id=2965

          • Nicole

            I agree & I’ve signed & shared & talked to people til I’m blue in the face, but here’s the problem, how do we get these guys who are being given the $$ to vote against them continuing to be given the $$?? It’s such a twisted thing, like when they vote themselves a raise how the hell is that not corrupt?? The only way they should get raises etc. is if we VOTE for it but again that system is broken! They keep writing sweet laws for themselves & we the people keep losing & it’s making most of us ill!

          • kmkirb

            I feel the same as you Nicole. I truly don’t have all the answers, but all we can do is continue to fight. It’s a long arduous & tiring process, but we have no hope if we give up. That’s how we won so many other Constitutional Rights & Amendments in the past, so we must press on.
            Just try to stay inspired, be strong, & stay well :)

        • OzCop

          Get rid of the lobbyists? Wasn’t it this president who boasted there would be no lobbyists during his administration?

          • Nicole

            Actually he made 2 promises regarding lobbyists 1 he kept the other he didn’t! The one he kept was to centralize ethics & lobbying information for voters, the one he didn’t was tougher rules against revolving door for lobbyist & former officials!

        • Bonnie

          Why not a second revolution ? I have had enough. Maybe it’s time you ran against Jim in the next election Nicole.

          • Nicole

            Not me Bonnie, I don’t have law degree & I don’t have a squeaky clean past! Anyone else?

    • hurza naym

      Jim Himes probably doesnt even know what he passed- http://www.youtube.com/watch?v=6VtRVBiyx1Y

      this is further complicated by lobbyists who Purposefully write bills that are too complicated to understand -
      http://www.youtube.com/watch?v=CHiicN0Kg10

      maybe there should be a law that prevents any laws from passing that cant be understood over a 12th grade reading level

      • Nicole

        I just don’t understand, ONLY ONE, ONLY ONE politician has gone to jail for this blatant corruption?!!?? WTF!!!?

  • rdevaughn

    You need to be providing the names of bills you refer to. It would also be nice if you included some kind of substantive explanation of its actual provisions.

    • Chris Brummel

      TOTALLY! I’ve read this and have been scouring the net trying to figure out what bill this is. There were about 100 bills yesterday. I want to see how my reps voted, but can’t find it

      • Kent Wilson

        I second this suggestion. If you want to be taken seriously, you need to do more than a mini-rant. Namely, state what the bill is named, such as HR ????, and then the name it is called, such as “The Anti-Corruption Act”.

        • Inkspeaker

          It’s in the first sentence….

          “The U.S. House just passed a bill called H.R. 992 — the Swaps Regulatory Improvement Act — that was literally written by mega-bank lobbyists”

        • Ryan Searfoss

          “The U.S. House just passed a bill called H.R. 992 — the Swaps Regulatory Improvement Act…”

          Dolt.

          • Chris Brummel

            Whoa there guy. They updated it. The original article didn’t have any of this information

          • Patricia Grace

            Add infighting to the list of why we have corruption in American politics.

      • Scott

        I don’t think you totally read this. It names the bill. There’s a link here that shows how everyone’s Rep voted. Try again. Democracy requires an educated public.

        • Chris Brummel

          Ahh, they updated it.

          It used to read:

          “While millions of Americans are barely getting by, your House of Representatives just passed a bill written and paid for by Big Banks. It puts you back on the hook for the dangerous “derivatives trading” that crashed our entire economy just 5 years ago.

          Yesterday, Republicans and Democrats voted together to dismantle rules put in place in 2010 to prevent another economic meltdown and more taxpayer bailouts. 70 of the 85 lines in the new bill were literally written by lobbyists for Citigroup, a multinational megabank that helped bring the economy to its knees in 2008 and forced us to give them billions in bailouts.”

        • Patricia Grace

          The first article I read on the subject did not mention the name of the bill. Read the posts above. Add infighting to the list of why we have corruption in American politics.

          You are here among people who want to take on the mammoth task of fighting corruption and your comment belittles those willing to stand with you!

    • Albert Morris

      I agree, name the bill and reference the material so we can see the data and determine it’s validity on our own! Quotes on bills without such references are nothing more than opinion and can be quite misleading if not substantiated.

      • kmkirb

        It’s in the very first sentence!! “The U.S. House just passed a bill called H.R. 992 — the Swaps Regulatory Improvement Act”

      • JeopardyGeorge

        We are in deep shit if this is the level of people’s reading comprehension.

        • Patricia Grace

          The first article I read on the subject did not mention the name of the bill. Read the posts above. Add infighting to the list of why we have corruption in American politics.

          You are here among people who want to take on the mammoth task of fighting corruption and your comment belittles those willing to stand with you!

          We are indeed in deep…

    • oldpol2

      HR 992

  • CatKinNY

    A list of the votes would have been enormously helpful here. I’d like to know what my rep did.

    • Mansur Gidfar

      Sure thing! You can find out which Reps. voted for H.R. 992 here: https://www.govtrack.us/congress/votes/113-2013/h569

      We’ve also added this link to the page above. Thanks!
      ~ Mansur

      • CatKinNY

        Thanks, Mansur. That’s an eye opener. My congressman, Tim Bishop (D, NY) genuinely is embattled, winning with razor thin margins, and he took $68K from the pro Citi legislation side, but still managed to vote no, while other Democrats in much more secure seats in the city voted yes. Sometimes you just want to despair.

  • Rodney

    I’ll be watching how my congress critter votes on this. Through megavote.com. It’s free and you get an email about how your representatives vote on each issue and there is an email link to your representatives so you can let them know what you think of them.

    • SparkyJP

      It is a great service for tracking your reps votes! Kudos for mentioning :)

    • Ryan P

      megavote.com is a parked domain… the actual site: http://www.congress.org/congressorg/megavote/

      • JoAn Godfrey

        signed up. now i need one for the senate!

      • CatKinNY

        Thanks for that link, Ryan. I signed up and will make excellent use of it.

      • Sanity Prevails

        Thanks for getting that link out. I wish I had known about it earlier, but I’m signed up now.

      • jstsyn

        Thanks.

    • stloub

      Also CALL your reps and let them know how you expect them to vote, both before and after vote is taken. Squeaky wheel and keep it up!

  • stoptheinsanity

    What is this bill? It passed the House but I gather that it hasn’t gone to the Senate and is not yet a law….is that correct? Can you provide the HR number? I did not even hear this mentioned, but everybody is talking nonstop about the health care website and our media can only cover one thing (to death) at a time.

    • Campainger

      The first sentances of the article. It states the HR number as well as the name.

  • wayne umbertis

    I support this effort 1000%. It is also time to make sure the 28th Amendment passes. That’s a very strong way to help this insidious trend because otherwise, like most of today’s politics it takes a fortune to take a stand every time issues come up. Only big business can afford it and big business, when you look inside are exactly the same thing. Same people, same cubicles all trying to get to a bigger office.
    As Nicole suggested, call your representative.

  • Dan

    Sounds awful. However you need to give us more info, because nobody’s going to take you seriously here without it. In fact it will hurt your position because many people will ignore it and won’t check back to see if you’ve updated your post with useful info. I can’t even pass this link around to anyone, though I would like to do so if you would make it useful.

    If you’re going to be a journalist, could you maybe learn something about journalism? Thanks.

    • Ryan Searfoss

      If you’re going to be a condescending dickwagon… well, I guess you don’t really have very much else to learn, do you? All bow before King Dickwagon.

    • kmkirb

      Goodness, all the information is right there in the article, with many resource links. Even the very first sentence says much, “The U.S. House just passed a bill called H.R. 992 — the Swaps Regulatory Improvement Act”.

    • JeopardyGeorge

      Do you need someone to read this over and over to you until it sinks into your thick skull? Perhaps you could have Ted Cruz read you “Sam I Am” as remedial instruction. How can you pass a link around when you don’t have the reading comprehension skills of a 2-year-old? You do know you’re going to have to learn to wipe your own ass one day, don’t you?

  • Junk Fairy
  • LoriF1

    I believe the bill is HR 992: Swaps Regulatory Improvement Act.

  • Jack

    You definitely need a new public information, affairs or relations director who did the video! He is a real ill-edited, rabid-speaking turn-off. Belongs in a high school pep rally. His approach is NOT helpful to a genuine problem.

  • john Q public
  • Lisa Travers

    America isn’t America anymore. Whatever that means. Congress is the tool of the financial sector. We don’t matter. Corporations are the people now.

    • Ryan Searfoss

      Last time I checked I was still a person.

      • KDI

        Too bad you don’t have the term CORP after your name. You’d the be a person of distinction who’s quality of life mattered. Since you don’t, then you are just an expendable asset. Not at all a person that matters anymore. Thank the Citizens United Supreme Court decision for that one. Oh, did I fail to mention that corporate persons managed to win the trifecta? That’s right. They own all three branches of government now. Find a sane competent person with no dirty secrets to do the job, and I bet it would be all of a week before they were heart attacked, or caught in bed with a sack of cash looking at child porn.

        • Molly

          Actually you can easily become a corporation and still not have a voice. Voice now requires wealth – great wealth. And truly corporations were not a problem until they broke out of the fire place and burned down the house taking the Constitution with it. I think it is accurate and useful to focus on our addiction to money, specifically money from gains other than labor.

      • Richard Sprague

        I believe what Lisa was saying is that corporations are the people being referred to in the phrase “We the people….”

      • AlwaysLookingUp

        Corporations are people too.

        • JeopardyGeorge

          I’ll believe corporations are people when one comes back from Afghanistan in a body bag.

          • William

            And pays its fair share of taxes.

        • Molly

          Presuming you are not just being facetious, corporations are property and that allows you to own them or shares of them. Giving the rights of people to artificial entities creates a whole raft of problems which are about to enslave everyone who survives the other wars and calamities.

          • AlwaysLookingUp

            I agree wholeheartedly. I was just quoting dear leader’s previous rival Mitt Romney.

  • JMC112449

    We better get a Robin Hood tax passed pretty quick so the financial institutions/Wall St can pay for their own bailouts. if this is how they plan to follow regulations it will be sooner rather than later.

  • Bill Whitlock

    I’ve hated having “the best government money can buy” for many years. I’m overjoyed that there’s a movement. We (the 99%) need to make this movement HUGE and notify all these whores (crude, but I think it’s the only appropriate word) that they’re on notice and will be voted out-of-office ASAP unless they start fighting for us … whether they give lip service to progressive or conservative ideals!

  • kenny powers

    Why pass yet another law to add to our regulation. Vote both sides out and replace them with someone you will perform their constitutional duty. It’s just that simple.

    • fedup

      Simple, except for the fact that the replacements get brainwashed from the MORONS who have been there 50 years plus. TERM LIMITS is the answer; if a president can only serve 8 years, so should members of congress.

  • SparkyJP

    H.R.992 – Swaps Regulatory Improvement Act

    Official Summary:

    Swaps Regulatory Improvement Act – Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act with respect to the prohibition against certain federal assistance to swaps entities, namely the use of any
    advances from specified Federal Reserve credit facilities or discount
    windows, or Federal Deposit Insurance Corporation (FDIC) insurance or
    guarantees, for the purpose of:
    (1) making any loan to, or purchasing any stock, equity interest, or debt obligation of, any swaps entity;
    (2) purchasing the assets of any swaps entity;
    (3) guaranteeing any loan or debt issuance of any swaps entity; or
    (4)
    entering into any assistance arrangement (including tax breaks), loss
    sharing, or profit sharing with any swaps entity. Extends to any major
    swap participant or major security-based swap participant that is an
    uninsured U.S. branch or agency of a foreign bank the exemption from the
    prohibition against federal assistance to swaps entities which is
    currently limited to any major swap participant or major security-based
    swap participant that is an FDIC-insured bank or savings association.
    Designates both uninsured U.S. branches or agencies of a foreign bank
    and insured depository institutions as “covered depository
    institutions.” Requires any covered depository institution exempted
    from the prohibition to limit its swap and security-based swap
    activities to hedging and similar risk mitigating activities (as under
    current law), non-structured finance swap activities, or certain
    structured finance swap activities. (Defines “structured finance swap”
    as a swap or security-based swap based on an asset-backed security [or
    group or index primarily composed of asset-backed securities].)
    Qualifies a structured finance swap activity for the exemption if:
    (1) it is undertaken for hedging or risk management purposes, or
    (2)
    each asset-backed security underlying the structured finance swap is of
    a credit quality and of a type or category with respect to which the
    prudential regulators have jointly adopted rules authorizing such a swap
    or security-based swap activity by covered depository institutions.
    Repeals the exemption from the prohibition for any insured depository
    institution that limits its swap and security-based swap activities to
    acting as a swaps entity for:
    (1) swaps or security-based swaps involving rates or reference assets that are permissible for investment by a national bank; or
    (2)
    credit default swaps, including those referencing the credit risk of
    asset-backed securities unless they are cleared by a derivatives
    clearing organization or a clearing agency registered, or exempt from
    registration, under the Commodity Exchange Act or the Securities
    Exchange Act.

    http://www.opencongress.org/bill/113-h992/show

  • Sam from Rochester

    Nice, timely response! But we stole your background graphics 1st! :-)
    http://youtu.be/Kq-BZHz8Dq0

  • Duncan

    When in doubt, vote against the incumbent.

  • MelLeviathan

    More info about who opposes HR 992 and why
    http://ourfinancialsecurity.org/2013/10/oppose-hr-992-2/

  • auntiegrav

    It’s just too late, isn’t it… for rational government, I mean. 20 years ago, maybe we could have tempered the flow of money to Wall Street with sales taxes that reflected the costs of debt and war in the prices that people pay to corporations for cheap crap. Now, the corporations already have all of the money. In addition, they have promises for 30 years of ever-increasing resource consumption and labor from everyone that owns a house. The world just doesn’t have those kinds of resources, and the environment can’t handle the effluent from that much activity. The only question left is “What’s going to give out first?” Will it be the environment (more hurricanes, radiation spills, oil spills, fracked water supplies), the soil (extracting all of the biomass to burn in cars), or simply the stability of the major governments as they fail to provide basic services and security for their ambitions?

  • mgoodri

    Last year they passed a bill stating no one in Congress was allowed to use insider information to purchase or sell stock. A few months after it was passed, they quietly repealed it. WE HAVE TO GET THE MONEY OUT OF POLITICS! Citizens United has given all the power to a few billionaires. I didn’t like how toothless the Dode-Frank Bill was when it passed, and now they’ve weakened it more. I support your effort completely! Enough is enough!

  • Cate

    DO NOT RE ELECT ANYONE!

  • daveugber

    i suggest every member of congress, the senate and the white house be brought before a trial of the people and have any complaints adjudicated… any shown to be knowingly in violation of their oaths of office should then be taken to the nearest tree and hanged…then, maybe, they’d stop bilking us…

  • Kathy

    It’s time for a new American Revolution – bloodless, I hope, but we must take our country back from these corporations that run it today. What they are doing to this country and its people is far worse than the British Crown tried to do 235 years ago. If those patriots who fought then could see what has happened to the country they founded, they would be incensed and ready to fight again.

  • JoAn Godfrey

    just outlaw lobbying. maybe that would solve some of this.

  • Jackie Lassiter

    Never fight each other. That is exactly what they want. Work together to fight the corruption! Every single Congressman/woman & Senator has got to be reigned in and required to live by the same laws, insurance products, and everyday bureacracy that all Americans are required to live with.

  • Sherman

    One good way to tie a can on the tail of these banks is campaign reform. No one person or organization should be allowed to contribute over $100 to any candidate. No politician should be allowed to be employed by any large corporation for 2 years following their last term.

    • aRareSaneOne

      Now HOW do we get such a law passed? They won’t even put in term limits- it’s all against their personal interests. I think we need a Constitutional Amendment (VERY tough work!) to get reforms like this in

      • Sherman

        And yet it must be done. Can’t see an amendment. We have had some reforem laws in the past. I think it gets done incrementally. And yeah, I couldn’t agree more; “VERY touch work.” Possibly it will never happen.

  • NewportGal

    GOP at it again, Oy vey!

    • Random Task

      Democrats and Republicans alike have brought these snakes into the fold.

      • NewportGal

        I disagree…..The Tea party was welcomed into the Republican party in 2010…

        “Women’s Rights are Human Rights”Hillary Clinton

        • Random Task

          I’m talking about the people who continue to deregulate the financial sector – I suggest you watch 2010′s Inside Job and you will see Clinton, both Bushes, and Obama nominate crook after crook to the Treasury, and then poison our economy.

  • dedduk

    Time to clean house…completely~!

    • stloub

      Then you get a bunch of newbies that have no idea what’s been done before or how to get things AND they’re most probably going to listen to every bit of rhetoric as gospel from their largest contributors.

  • Aveil

    What we need to do is to make a pledge that we will vote AGAINST the politicians w/ the most advertisements!
    We will never achieve political reform until we achieve campaign finance reform. But we can do this type of thing to show our disgust. If candidates know that we’ll vote against anyone who refuses public campaign finance in favor of big donations from special interests, perhaps that will provide some disincentive to take these huge donations & all the attached strings that come with them.
    Special interests writing bills for Congress is nothing new–it’s the norm. Indeed, ALEC (American-Legislative Exchange Council), or another of the special interest lobbyists, writes MOST of the bills presented for Congress. They need to make sure they get exactly the type of legislation for which they are paying. Wall-Street alone has about 12 lobbyists for every member of Congress.
    This is utter corruption & our democratic republic is being replaced with a system of corporatism. Benito Mussolini, Hitler’s WW2 Ally, said this:
    “Fascism should appropriately be called corporatism, for it represents the merger of corporate & gov’t power.” Indeed, the Italian word for fascism basically translates to “the corporatist state.”
    So make a pledge and tell your friends that the way to know who is almost certainly corrupt (or the most corrupt) is to look at who is putting out the biggest campaign ads. Pay attention to what your members of Congress–House & Senate–are voting for & against, & base your votes upon this, not whether the person is a good speaker or appears sincere. There are several services one can find to track this information–some were mentioned in earlier posts. I think what we have experienced with President Obama shows that just because a candidate speaks well & seems sincere, and makes lots of promises to help us, doesn’t mean they are actually sincere. If you know a good & popular person, encourage them to run for election to local or Federal office themselves! We must become our own leaders, as it was meant to be.

  • Chuck-U Farly

    There are 3 simple changes that must be made to the FDIC

    1) Any bank that needs to be bailed out must have the entire top management fired for incompetence.

    2) The bailout money should not go to the banks but the people. To do this FDIC should wither create a national bank the takes over the depositor’s accounts or require that the depositor’s accounts be taken over by a bank that was not mismanaged.

    3) Financial Institutions should not be allowed to own banks.

  • AllaMo

    How is it that not a single perp from Wall Street has been imprisoned for the great recession? More galling, the lot of these leeches have been given bonuses the same bigger to fail entities that screwed the dwindling middle class.

  • russellbennett

    Dodd and Frank are the two most responsible for the collapse and for blocking every attempt prevent it. The one law that that was used to get thousands of bad mortgages approved is still being used to bully banks to open Branches in places they don’t want to go and give mortgages that should not be approved.

  • FukTheFed

    You need a sound guy,or atleast a new mic. People will take you more seriously if you step it up a notch with your production value, great message though, can’t say I’m surprised though

  • Addison

    Thanks Reps… All three from my state voted for it. Yep, I voted for Mckinley and he does this. I am literally dumbfounded by this. I – I can’t even wrap my mind around this right now… It’s just awe-striking.

    I feel that if you know or hear about this (and don’t look into it), you’re essentially a ‘terrorist’ for letting it go on. I may not like what my government has turned into, but I will try my hardest to salvage it, because that’s what a TRUE patriot does. If this means a revolution… So be it. Our constitution says its our duty as Americans to tear down a corrupt government should it take over. This has gone on too long, take a stand. Make it stop, if you won’t, who will? It will only get worse.

  • Mrs Bmnt

    As of the government bailout, the government owns 36% of Citibank. The rest is owned by Citigroup. The CEO of Citibank is Walter Wriston.
    http://answers.ask.com/Business/Finance/who_owns_c

  • EHUD

    Fannie and Freddie crashed the market in 2008, those private/public shades of grey married our government and the big banks.

    The real disease is Federal Government ventures into the private sector, stop that and all these peripheral issues that this article is addressing will never happen.

    Once again, the Libertarians “TOLD YOU SO”

  • skippy

    I don’t think the threat of not being re-elected is good enough anymore these people deserve jail or worse but how when they make the laws?

    • hardwroc

      And parade their names as too stupid to notice the Depression and its cause, or even the 2008 repitition of the same thing.
      Something like,”This idiot can’t remember back 5 years, and took money to allow it to repeat AGAIN”

  • Useyourheadnow

    Hold on there Oswald…. Step away from the window and put the weapon down: “the Prohibition of taxpayer funding used in bailouts was maintained” and “the prohibition against the riskiest CDS and sup-par mortgage swap derivatives are still maintained.”

    Derivatives are real, bonefide financial instruments that do a lot of good- only the credit default swaps (CDS) and sub-par mortgage swaps were at the heart of the meltdown. They are still prohibited.

    Otherwise, yes, congress is corrupt but this is a bad example.

  • Kevin Boston

    When they do it again, we’re NOT taking any prisoners.

  • CT

    I am utterly appalled! Every single SC representative voted for it. Well let’s see who votes for each one of them at election time. It’s time all the states completely clean house and start fresh! Let the people vote out everyone and start anew and pass a bill prohibiting all lobbyist, period. PS, I now don’t care what seniority my representatives have, they will be gone if it was all up to me.

  • Nanci Alley

    No More F**king Bailouts for anyone!! WTF! Didn’t a JPMorgan just have to pay Billions$$$$ in fines? They will just use it to give themselves big bonuses! To hell with BIG BUSINESS, they are ruining America!

  • Bob

    @#$@%^#&*^$%^#*&($. And that’s kinda the way I feel. Let’s stick together and get millions to tell the ones in congress that are crooks we’ve had enough. A lot less talk and a bunch of action!

  • tom

    I went to a link on one of the comments below to see how the representatives voted in my state & while I was on that site I glanced @ how the other reps. from other states voted on this issue, from what I saw it looks like you guys have painted this issue about political lines not mattering with a very broad brush. From what I saw it looked like most, if not all dems. voted no on the issue.

  • babylon john

    We need to get these people Before they get us! VOTE OUT THESE BAD POLITICIANS especially the republicans in congress.The bills are sponsored by Randy Hultgren (R – IL), and co-sponsored by Rep. Jim Himes (D-CT) and others. Everyone who sponsored this or voted for it should not be re-elected. GET ALL THEIR NAMES POSTED! Meanwhile WALLSTREET will rape us again for millions or billions, and they cut food stamps? These Wallstreet people who do this unscrupulous stuff need to be STOPPED!

  • joseph ferri

    Let’s declare a “War on Corruption” – then we can have these bastards executed for treason in wartime.

  • TNKeating

    So find out on the government website who voted for this and simply recall them. As for Dodd-Frank that’s the worst piece of legislation ever to be passed

  • Lee McBrayer

    I am unable to express my feelings on what I just read without resorting to the four letter word group! My thought is; What can we do able it??? These very same members of the house are immune to the voices of us, the citizens of America!

  • robertdavidhummel

    Being Politically CORRECT is a EXCUSE to HIDE the TRUTH.

    This,”PROBLEM CHILD/TERRORIST”, “COMBAT VETERAN”, is

    “PRO- AMERICA”.

    Robert David Hummel, “IS”,:………….”ANTI-OBAMA’s,…”’ Fundamental, CHANGE.

    The message on this OLD GLORY…Speaks for Itself.

    “I”, Prefer DANGEROUS FREEDOM to Peaceful Slavery !

    Let’s Hope & Pray,”That 11/ 2014,The Silent
    Majority, Reigns with a SHOUT”.

  • jstsyn

    As if it were not obvious.

  • robertdavidhummel

    November 1, 2013

    President Barack Hussein Obama
    White House
    ATTN: Oval Office
    Washington D.C.

    Dear Sir, or Madam,

    Last year I mismanaged my funds and this year I cannot decide on a budget.

    Until I come to a unified decision that fits all my needs and interests, I will have to SHUTDOWN my checkbook and will NO LONGER PAY my TAXES.

    I’m sure you will UNDERSTAND.

    THANK YOU very much for setting an EXAMPLE that I can appreciably FOLLOW.

    Your written response would be appreciated

    Respectfully and Sincerely

    Robert David Hummel
    220 Daisy LN Inverness FL. 34452-5754
    (352)-726-1414

  • John Harrington-Taber

    Plutocracy and economic meltdown, here we come!!!!

  • Leslie Larson/Angelic Anarchis

    I am happy I found you. I’ve been spending my time on a site that I thought was going to be… Never mind. I’m kind of a novice with the computer and the internet, and either I don’t play the game properly, or I just can’t seem to reach anyone who shares my enthusiasm for rebellion, revolution and combat via the use of writing. I guess I need to start browsing around more, and maybe I’ll find others who are ‘mad as hell and aren’t gonna take it any more’. ["Network", by Paddy Chayevsky If you haven't seen it, you must get a copy. P. C. was one of the truly inspiring screenwriters, and it's kind of amazing that this film was made in 1976, and portrays life as we currently know it.] Anyway, I’m very pleased to find you. I totally support your effort, and if I can do anything – except contribute money – let me know.

  • Michael Purdy

    Go with reform, not profits.

  • Tha Jonster

    I have a sideline solution that I know would help. In addition to legislating what they can and can not do I want to create a 3rd. party register that would finally make it super easy to uncover a voting record for any elected or appointed official. Will need people to enter info into the system and I don’t have funding accounted for but I think something even better than a law would be making it super easy for voters to get to the facts. What did an official vote for and if they care to let us know, WHY? http://www.Phildel.us could be a domain for such a congressional registry but the people have a right to know, problem is that right now it’s too much work to find out. I want to help change that and make it easy to collect a summary of a politicians actions. That in itself will put an end to the shenanigans and unlike a law, can’t be revoked when it’s no longer serving the interest of power.

  • Tha Jonster

    You want to fight corruption? Let’s open the windows so we can see what they are doing and become informed. That will put a stop to it in a manner that goes beyond whatever they might legislate. http://www.philadel.us

  • voter

    The Democrats are the less worse party, so I hope this is a wake-up punch to those complacent Dems that are grinning about the Republican immolation. There is EASILY enough disgusted support for a third party that will syphon off liberal votes and shake-up or vanquish the Dems – WAKE UP AND DO THE RIGHT THING!

  • http://www.bboy360.com/ Bboy 360

    Buy/Invest/Use Bitcoins, that’s the only way to really hurt the banks

  • shuckNjive

    Hmmm, the Anti-corruption act… it’s a nice idea indeed… but using a broken system to fix that very broken system ? Seems like a lesson in futility to me. Which congressman is going to vote for their own demise ? This is like asking the fox ‘would you kindly leave the henhouse ?’. I’m a pacifist, but I’m starting to feel like a coup is our only option…

  • Window on the World

    The problem is not just Wall Street and this bill and the solution is not your proposed anti-corruption bill. The problem is bigger and the solution is bigger. The problem is that EVERY law is written by lobbyists for some industry and even bigger than writing the law – - the real control and power is that the REGULATIONS that define and implement the laws are written by lobbyists – - and the regulations don’t even have any oversight from congress and therefore, are really hidden from view. (I’m not suggesting that Congress is more pure than the administration and WH – - I’m just suggesting that it is harder, not impossible, to hide these activities from public view when Congress is involved.) I propose this solution: Eliminate 100 percent of all regulators in all departments – - and there are departments whose only job is regulation, so, eliminate whole departments. Regulators become protectors for industry against the public. It’s a con job to make us think that regulation is in our interest — it is not. So, cut the regulators out, cut their funds out, cut their departments out. (By the way, the law written after the last bank crisis is a bad law anyway as it doesn’t stop all the problems that occurred last time. Guess why: the regulators were in cahoots with the lobbyists in writing the last fix-it law and its regulations.

  • Marshalldoc

    One of the right-wing lies about ACORN was that by registering large numbers of poor people to vote they were able to elect representatives who’d vote them more & more welfare money & other ‘perks’… this from the very whores for Wall Street’s millions in campaign funds who tanked the world’s economy!! They had/have no shame.

  • Ozzy Osgood

    How about just lobbying your Senators and Congressman to outlaw derivatives? Seems to me that’s a more practical solution than outlawing campaign contributions, as if you’re ever going to get them to do that anyway. Put the blowtorch on derivatives instead, since that’s a soluble problem! Make the argument that banning them is better for capitalism and for business, and what’s good for business is better for banks in the long run.

  • Annie Kemps

    Ok what are we going to do? We have allowed this to happen because we have been to busy with our lives to pay attention that they were pulling this crap; I lost everything to 2008, then cancer, when my insurance dropped me; I am to damn old to even start rebuilding my life.

  • Rindor

    They are purposely doing this crap to finally make us mad enough to actually physically go out and try to do something about their corruption. I don’t know what that would be but when the people actually start protesting in the streets and if it starts getting ugly, our fine government has set up all the laws so that they can finally enact martial law and start using those internment camps by rounding up the people, most likely randomly, and eliminating us in mass. They have the resources in place to do this and all they need is a somewhat good enough reason (even a lame one) and they are actually providing the reason by doing this crap to us because that’s what they want. They WANT us to get physical! They WANT to eliminate us! They are ready for it!

  • http://scottrossi.tumblr.com scott rossi

    i’m voting for he guillotine and defenestration party next election, jesus fucking christ. >8[

  • jq

    Ya know, I’m starting to think the corruption goes too deep, that its unfixable, like whack-a-mole. Every time you think you’ve defeated a corruption, another corrupt pops up. So, maybe we should admit that the corruption is inherent to the system, and that the system needs to change. Resource Based Economy anyone? Any other ideas?

  • sam
    • kmkirb

      Thank you sam. Signed & shared!

  • kmkirb

    We NEED to get money out of politics, that’s what we have got to do. And I’m posting this as responses to several others on down the page. Please pass it on. Thank you!

    “Move to Amend Take Action Webinar”… Please RSVP: Move to Amend Monthly Take Action Webinar (Nov 5 @4pm Pacific/ 7pm Eastern)

    http://movetoamend.nationbuilder.com/webinar110513?recruiter_id=2965

  • kmkirb

    While some Dems did vote for this bill instead of against HR 992, here’s a great story on why the GOP is directly responsible for much of our ongoing economic woes. I’ll post an excerpt with the link to the entire story. There’s plenty of resource links in the story also & please pay particular attention to the “GOP strategy” & “conservative trick”.

    EXCERPT… “This year, President Obama requested more than $300 million for the CFTC; the agency received less than $200 million thanks to a combination of House Republican intransigence and cuts under the so-called sequester. In a piece this week, Businessweek called the CFTC “woefully understaffed, underfunded, and outmatched” in its tangle with Wall Street. The agency will be furloughing workers soon due to budget constraints, despite its massive new responsibilities.

    Lest you think this isn’t an explicit strategy on the part of the GOP, here’s what Senate Minority Leader Mitch McConnell, R-Ky., said in 2011: “Any move to slow down the agencies’ ability to implement rules stemming from the Dodd-Frank law is good for the country … The less we fund those agencies, the better America will be.” Rep. Spencer Bachus, R-Ala., former chairman of the House Financial Services Committee, even admitted that financial market regulators didn’t have enough money to do their jobs (which didn’t stop him from moving more cuts through his committee anyway).

    In the perverse world in which House Republicans reside, the fact that regulators didn’t stop the 2008 financial crisis means they deserve these budget cuts. “Why are we rewarding the agency that failed so miserably on so many fronts?” asked Rep. Scott Garrett, R-N.J., in 2010. It’s a common conservative trick: render government incapable of functioning and then use its inability to function as justification to cut it further.

    But this is a debate that’s vital to the economic future of the country, as five years after the financial crisis it’s still unclear whether or not reforming the financial system will be a successful project. That’s due to a variety of factors, but among them is that regulators can’t even implement new laws because Republicans have realized that they can block via the funding process that which they couldn’t stop either on the floor of Congress or at the ballot box.

    In the meantime, Wall Street is back to making huge profits and the financial system is not a whole lot safer for everybody else.

    http://www.usnews.com/opinion/blogs/pat-garofalo/2013/11/01/wall-street-regulators-are-facing-a-budget-crisis-and-congress-doesnt-care

  • aRareSaneOne

    There’s a lot WRONG with Dodd Frank law. This bill actually corrects some of those issues. And makes other bad new cap, which is DC all over all the time. But we need the FTC to do it’s job, not turn a blind eye. Under Bush and Obama it’s a paper tiger, worthless.

  • Jason

    What you are all not understanding is Dodd-Frank is so flawed it is not funny. It regulates a class of derivatives that act like insurance and balance the market, letting businesses do business, and does nothing to regulate the class of derivatives that caused the crash. This petition is a knee jerk reaction by people who do not understand anything about derivatives beyond what they get from John Stewart.

  • Jess_BartWilliams

    I am confused. Is this a petition or a voluntary subscription to more email? I am signed up with your organization, but I must not be using the system correctly because it occurs to me like you’re just looking to amass a very valuable mailing list rather than actually communicate anything on my behalf to someone who can do something about it or connecting me to anyone who will.

    This page occurred in my newsfeed in FB. What is the call to action here? If it isn’t a petition (which it’s not), then I suggest you reassess your integrity and consider not presenting it in the current day accepted format of one. That’s deceptive.

  • john jones

    H.R. 992 repeals most of Section 716 of the Dodd
    Frank Act, allowing covered depository institutions to trade swaps. The
    legislation retains subsection (i), of Section 716, which prohibits the
    use of taxpayer funds to bail out swaps entities. H.R. 992 maintains
    the spin off requirement for structured financial products, swaps that
    are problematic and risky and whose value derived from the poorly rated
    and underwritten mortgages that were at the heart of the financial
    crisis.

    Derivative contracts are financial products, the value of
    which is related to an underlying asset.[1] Swaps are a type of
    derivative contract in which counter parties exchange cash based on an
    underlying rate or index or performance of an asset. Derivatives are
    used to manage risk and have their origins in agriculture.[2] According
    to the Committee on Financial Services, derivatives are used on a daily
    basis by American businesses to hedge risk, and most were not the
    underlying cause of the financial crisis.[3] However, Section 716 of the
    Dodd Frank Act requires insured financial institutions to “push out”
    all swap portfolios to a separately capitalized entity, with the
    exception of swaps related to interest rates, currencies, bullion
    metals, loans or bank-eligible debt securities.[4] As currently
    constructed, Section 716 of the Dodd-Frank Act would limit the types of
    products a bank could provide to a customer to reduce their risk and
    protect their business from market disruptions. Left unaddressed, this
    overbroad provision threatens the stability of the financial system and
    may place financial institutions at a competitive disadvantage against
    their foreign competitors.[5]

  • Aidan-B. Howard

    A grammatical point… In the paragraph starting “Maplight’s data…”, remove the word “million”. If you say “$22,425,740 million”, that means more than 22 TRILLION, and that is NOT what you mean… is it?

  • Steve Unger

    Whatever else you do, vote for candidates from parties other than the 2
    puppets of the 1%. A vote for The Green Party, for example, sends a
    clear message and helps build a force to throw the rascals out. There
    are more of us than there are of them. Stop worrying about “wasting”
    your vote. The only wasted votes are those for Republicans or Democrats.

  • Andrew Blake

    This is exactly what we all know is happening and have been powerless to stop! Let’s get them! Let’s fix this, and maybe put a few of these pigs in jail, as well!!!

  • IAMWHOISAYIAM

    From Rep. G. Connolly on why he voted in favor:

    “The Swaps Regulatory Improvement Act recognizes that not all swaps or derivatives are created equal. Many corporations and financial institutions use swaps for legitimate purposes to hedge and offset risk. Each company’srisk is specific to its needs, and, in many cases, insurance is not available to help these businesses manage their risks. Many rely on financial tools to provide them with the certainty needed to operate efficiently. This legislation amends Section 716 of Dodd-Frank to ensure that federally-insured financial institutions can continue to conduct risk-mitigation efforts for clients like farmers and manufacturers that use swaps to insure against price, interest rate, and currency fluctuations.

    Specifically, the Swaps Regulatory Improvement Act is a technical fix to the “push-out” provision of Dodd-Frank, recognized by many experts including Federal Reserve Chair Ben Bernanke and the former Chair of the House Committee on Financial Services Barney Frank, as working contrary to the transparency goals of Dodd-Frank. Currently, Section 716 of Dodd-Frank effectively requires depository institutions to “push out” most swaps into separately capitalized, non-bank affiliates. The Swaps Regulatory Improvement Act limits the types of trades being forced out of banks to only “structured finance swaps” – derivative instruments similar to those that brought down AIG during the financial crisis.

    Some opponents have argued that the Swaps Regulatory Improvement Act would allow for repeat of 2008 and hold taxpayers liable for banks’ bad bets. However, this is not true, as the legislation does not alter Dodd-Frank’s prohibition against bailouts of institutions that find themselves in financial trouble because of swaps trading.

    Nor does it allow depository institutions to deal in the type of structured asset-backed swaps that contributed significantly to the economic collapse of 2008. And it does not alter, in any way, Dodd-Frank’s prohibition against proprietary trading at federally-insured institutions, otherwise known as the Volcker rule. More simply, banks cannot use deposits to make bets for the purpose of making a profit.

    It is important to note that this provision is not controversial. The exact same legislative language passed the House Financial Services Committee last Congress by voice vote—with the support of then Ranking Member Barney Frank and all of the other members of the House Financial Services Committee. The legislation garnered broad, bipartisan support again this year with a vote of 54-6 in committee.”

  • JMFS

    why ride up on the man when we can just assimilate the enemy within by each of us getting rich and weaving ourselves into the system will thereby conspire to bring it down, as so our forefathers have done and are doing. The machine that is the money engine of our nation is a living being of it’s own that has grown and adapted to become a revolution synthesizing machine. The Phoenix is burning herself up again and again and being Reborn, this time the revolution was psychological, Matrix and philosophical Liberation. Hold that thought form and it will come to be. See not corruption, but opportunity.

  • JMFS

    we needn’t bullets but minds

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  • amyinnh

    At some point, the corporations need to be targeted for “defunding” by the public. Designate “public good” operations for the public to fiscally support businesses with integrity.

  • amyinnh

    Isn’t the answer actually, no more campaign funds at all? No longer necessary, as was originally when they had to drive their message around in person. Public broadcast three debates and be done with it.

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