Congress Sells Out To Wall Street, Again: Passes H.R. 992 – The Swaps Regulatory Improvement Act


Congress Sells Out To Wall Street, Again: Passes H.R. 992 – The Swaps Regulatory Improvement Act

Originally posted at blog,

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 co-sponsored 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

Rest here…


4 Responses to “Congress Sells Out To Wall Street, Again: Passes H.R. 992 – The Swaps Regulatory Improvement Act”
  1. DAVID CHARLES says:

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  2. George says:

    I have no idea why anyone would be surprised by this. Dick Durbin admitted whole hardheartedly that “The Banks Literally Own the Place” (meaning Capitol Hill).
    Since December 24,1913 the US has been fully taken over and is in full control and owned by the banks who own the Federal Reserve.
    There isn’t much to decipher. In any household or nation, that whoever controls the money, controls all!
    History eludes so many. It is a proven fact all throughout history, that whoever controls the issuing of a nations currency controls all aspects of manufacture, commerce, and government!

    December 24, 1913, the United States turned over all authority and control of the issuing of our own nation’s currency to the Privately Owned For Profit Federal Reserve Central Bank Corporation.

    If you are still so blind and delusional that you still think that the Federal Reserve Central Bank Corporation is part of the government, then try this.
    Go to your local library, go find the Standard and Poors List of Corporations Book (it is a large blue book which is huge) all libraries have one. It reads just like a phone book. Go to the “Federal Reserve Bank”. It will show you all the locations of the 12 Regional Central Banks, and it lists all the Corporate Officers, CEO’s, President’s etc….
    Also, look in any local phone book. ALL GOVERNMENT/FEDERAL Offices, Senators, House Representatives, and all locations all listed in the BLUE SECTION of the phone book.
    Now look up the Federal Reserve and you’ll find them listed in the white pages right under Federal Express!

    Every problem from housing, to banking, to retail, to manufacture, to wages and unemployment are caused by the actions or lack of actions by the Federal Reserve!

    If we would eliminate and abolish the Federal Reserve and their interest collection gang (IRS), both formed at the same time in 1913, this nation would be great again. But, since we are too ignorant, weak, and scared. we tolerate the very thing that is destroying this nation.

    Congress is corrupt. The President is a Muslim. And this nation has been completely taken and over and conquered by the banks!

    Just remember, the sole purpose and goal of the Federal Reserve Central Bank Corporation is to PROTECT THE BANKS!! NOT THE PEOPLE!!!!!

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