STABENOW & PETERS AMONG 17 SENATE DEMOCRATS TO ABANDON BANK REGULATION -UPDATE
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.
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| Dear Gary,
Thank you for contacting me about the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) before the Senate. I understand your concerns and share your commitment to keeping strong banking protections in place for consumers, families, and small businesses.
The most important point about this bill is that it does not weaken the regulations and oversight of the Wall Street banks that caused the financial crisis. We cannot forget what our country experienced in the financial crisis, and nowhere else in the country was the impact felt more gravely than in Michigan. For that reason, I understand the strong emotions around any changes to Dodd-Frank, the major Wall Street reform law passed in 2010.
I am a staunch supporter of Dodd-Frank, and through my leadership on the Senate Agriculture Committee, which has jurisdiction over the Commodity Futures Trading Commission, I have been the leader in stopping efforts to change any consumer protections that regulate derivatives and swaps a cornerstone of the Wall Street reform law.
While it's critical that we maintain the strong consumer protections in Dodd-Frank, it's equally important that we fix the unintended consequences of this law that threaten to undermine strong community-based banks and member-driven credit unions. Our credit unions and community banks are vital to communities, small businesses, and families. I am deeply concerned that these community-based institutions are starting to disappear from cities and small towns across Michigan as they are eaten up by bigger banks.
That is why I support this legislation. The bill will cut red tape that prevents our credit unions and community banks from helping more families buy a home or start a business. At the same time, it keeps the regulatory focus on the biggest banks that were at the heart of the financial crisis and frees up regulators to more vigorously enforce our laws against bad actors.
I understand that some of my colleagues do not support any changes to the current law. I do not believe that makes sense for Michigan.
Thank you for taking the time to share your views with me. Your input is important. Please continue to keep me informed about issues of concern to you or your family.
Sincerely,
Debbie Stabenow
United States Senator |
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| 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
loans.
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.
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.”[1]
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.[2]
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 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.
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