Monday, March 12, 2018
UPDATE: STABENOW REPLIES TO CRITICISM!
STABENOW & PETERS AMONG 17 SENATE DEMOCRATS TO ABANDON BANK REGULATION
The “Economic Growth, Regulatory Relief, and
Consumer Protection Act”. (Senate Bill S-2155)
I received a same day reply from Senator Debbie Stabenow explaining her vote in favor of the controversial Republican bill (S-2155). This is her email reply and I hope I have not violated any federal regulation in providing it here.
|I Will Keep One Eye On How The Final Vote|
floor vote the legislation he sponsors that will roll back the protection afforded by the Dodd-
Frank bill and weaken the Consumer Protection Bureau as well. This vote could occur at any
time. As you are well aware with the latest Tax Bill, Majority Leader Senator Mitch McConnell
(R-KY) with his skillful propensity for timing will undoubtedly move for a “roll call vote” at the
next major news blunders of President Donald Trump. Therefore, it is imperative that
Progressives act now to defeat this piece of “Crappo” legislation.
Once again, the Republicans name or label this legislation as if it is for the benefit of our
disappearing Middle Class with a misleading title that sounds good at face value. Republicans
make the “Economic Growth, Regulatory Relief and Consumer Protection Act appear as though
it is an Emancipation Proclamation for the ninety-eight (98%) of Americans who pay the taxes,
pick up tab for big bank bailouts while at the same time suffer high interest and predatory
Our economy is based upon favoring large financial institutions while enslaving everyone
but the wealthiest to stagnant wages and mounting debt. And I do not mean to say it is just the
national debt but the one you feel everyday (personal debt).
The Internet web site urges citizens to contact the seventeen (17) Senate Democrats who voted
for “cloture” or approval to bring the bill to a floor vote. In Michigan, both Democrat Senators
somehow caved to big interests and voted “Yea”. You can visit the following website for the
official record of the vote and look for the culprit in your State.
The Daily Kos urges readers to call their Democrat Senator if they are among the seventeen who
sided with Republicans. There is also a petition expressing your individual disdain by your signature.
Aside from these actions I penned the following that may also serve as an “Open Letter” to all 17 of the Democrats who erred on the side of Big Bank Interests and the Republicans who benefit from their cash contributions. Here are my written thoughts to both Michigan members of that body.
What is of particular interest is that in order for the measure to pass a 3/5 fifths majority is necessary. Interestingly without the 17 Democrats voting in favor (the single abstention is Senator John McCain (R-AZ), the tally would have been defeated 50 to 49; this damaging banking legislation would not have seen the light of day.
Open Letter to:
Dear Senator Debbie Stabenow
Dear Senator Gary Peters
“I am writing in opposition to the "Economic Growth, Regulatory Relief, and Consumer Protection Act" and any legislation what would rollback oversight of the banking industry or eliminate consumer protections. We're still recovering from the 2008 collapse caused by reckless banks. Now is not the time to undo the safeguards put in place to prevent another crisis. Please reject any attempts to weaken Dodd-Frank.”
As a citizen, voter and resident of Michigan I am shocked and embarrassed that as one of our two Senators, you voted for a Republican sponsored bill to come to the floor. Senators Stabenow and Peters, you know damn well the impact of the 2008 bank failures that ruined many lives here in Michigan and the nation.
Check with the State of Michigan's Attorney General web site and you will find that most consumer complaints are now handled by Consumer Protection Agency. This leaves Michigan with zero options for consumers of cable and Internet services that have legitimate complaints against COMCAST who hold a stranglehold with their monopoly throughout much of our Michigan! They are free to charge outrageous amounts, erratic service without State oversight.
Recently, these same "too big to fail banks" are returning to the predatory and unqualified loans for automobiles, personal and equity contracts. They are again "bundling" these loans as "high risk investment vehicles" to sell to unsuspecting investors.
The American taxpayer can ill afford another bailout due to unmitigated greed of Wall Street financial institutions as we endured in the last days of George Bush as President.
The American taxpayer can no longer be expected to pay for "Failure" of investment firms who skirted regulations and none of which were indicted, charged and convicted for the foreclosures and financial ruin of the ordinary families of Michigan.
I fail to see the logic in destroying Dodd-Frank and “consumer protection," a battle waged for decades even prior to Senator Elizabeth Warren's arrival in Washington.
I know of many as well as myself that are victims of that unforgivable 2008 Crash. Michigan residents faced a monumental struggle to stave off foreclosure to some of the biggest banks. Other home owners found themselves "underwater" with mortgages that far exceeded the value of their home. They too lost their homes.
On behalf of many here in Michigan who are not aware of your vote I demand you withdraw any future support of Senate Bill -2155.
It is inconceivable and an embarrassment to me personally that our two Senators I admire are in support of legislation that will without doubt cause more Wall Street failures and bailouts.
The Daily Kos urges you to call as soon as possible as the bill has with the vote of our Michigan Senators been approved for an introduction on the floor where it has been demonstrated time again Republican Majority Leader will forego debate and discourage any amendment suggested by Democrats. This will lead to a travesty of Justice to Our Democracy.
Call Senator Gary C. Peters at (202) 224-6221 and Senator Debbie Stabenow at (202) 224-4822 now! Tell them you oppose any weakening of Wall Street regulations.
If you decide to write in addition to calling our Senators, the addresses are below. The delivery of actual paper letters can have a powerful impact.
Hon. Senator Debbie Stabenow 202.224.4822
731 Hart Senate Office Bldg.
Washington D.C. 20510-2204
Hon. Senator Gary Peters
724 Hart Senate Office Bldg.
Washington D.C. 20510-2204 202.224.6221
From the Senate Record
Question: On the Cloture Motion (Motion to Invoke Cloture on the Motion to Proceed to S. 2155)
Vote Number: 48 Vote Date: March 6, 2018, 11:02 AM
Required For Majority: 3/5
Vote Result: Cloture Motion Agreed to
Measure Number: S. 2155 (Economic Growth, Regulatory Relief, and Consumer Protection Act)
Measure Title: A bill to promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes.
Vote Counts: Yeas 67 Nays 32 Not Voting 1
Should you like to see and read the text of this 145 page piece of legislation go to the link above.