House Floor Vote This Week on Derivatives Bill Written by Citigroup Lobbyists ( HR 992)
Citigroup has given $503,150 to current members of the House of Representatives.
(BERKELEY) – Later this week, the House of Representatives will be voting on a bipartisan bill to repeal financial bailout protections that Congress passed in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill, H.R. 992, or the “Swaps Regulatory Improvement Act,” would severely limit the reach of Sec. 716 in Dodd-Frank, which requires banks that are eligible for Federal Deposit Insurance Corporation or Federal Reserve lending discounts to spin off their derivatives activities into separate corporate entities that would not be eligible for federal assistance.
According to the New York Times, lobbyists from Citigroup played a major role in the bill’s creation: “Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill,” Eric Lipton and Ben Protess write. “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 the story goes on to tell us how many millions Citigroup and related interests have given to Congressmen on the public record (including John Boehner, of course).
And this is how it’s done…
Citigroup writes a law to benefit itself… and shells out tons of cash to grease the skids for their self-serving legislation.
My representative, Diane Black, received more than $66,000 from the bankers supporting the law, so I’ll let you guess which way she voted.
Congress needs to have so much less power… otherwise they’ll continue to wreck our lives, and the entire world.