From Public Citizen news letter (citizen.org)
Congress has been back in session for just one day.
Already, a bipartisan group of senators including Sens. Joe Lieberman (I-Ct.), Susan Collins (R-Maine) and Mark Warner (D-Va.) are quickly pushing a law that could significantly weaken efforts to keep Wall Street’s greed from causing another crash.
Dubbed the Independent Agency Regulatory Analysis Act (S. 3468), the bill would create new ways for Wall Street cronies to obstruct independent agencies like the Consumer Financial Protection Bureau and require those agencies to add onerous layers of analysis before taking action against corporate recklessness.
A better name for the bill would be the Independent Agency Regulatory PARALYSIS Act.
Call your senators TODAY. Urge them to oppose S. 3468.
Dial 1-888-291-9824 to be connected to the Capitol switchboard. Ask to be connected with the office of one of your senators. (1)
When a staff member answers the phone, you can use this script:
“I’m a constituent, and I’m calling to urge my senator to oppose S. 3468, the Independent Agency Regulatory Analysis Act.”
In an article about the bill in today’s New York Times, Public Citizen’s expert on regulatory policy was quoted: “Those who support preserving the status quo where Wall Street regulates itself will find much to like in this legislation.” (2)
Indeed, S. 3468 would be a boon for Wall Street lobbyists.
Independent agencies are designed to be insulated from the political pressures faced by agencies whose directors and chairpersons sit on the president’s cabinet.
Because of Wall Street’s enormous power to lobby and otherwise influence the White House, it’s especially important to keep a strong firewall between any president’s administration and the independent financial regulatory agencies (including the Consumer Financial Protection Bureau, Securities and Exchange Commission and the Commodity Futures Trading Commission).
The Independent Agency Regulatory Analysis Act would weaken the firewall and give new powers to future White House administrations to obstruct these agencies.
Additionally, the bill would paralyze agencies by requiring them to perform needless and duplicative studies before taking action.
The failure of financial regulators to respond quickly to Wall Street’s risk-taking was a leading cause of the 2008 financial crash. Hindering the agencies whose job is to keep Wall Street in line just doesn’t make any sense.
Urge your senators to oppose S. 3468 by dialing 1-888-291-9824 today.
thumbnail photo of Rick Claypool Thanks for all you do,
Public Citizen’s Online Action Team
1. It is especially important to contact these senators, who are members of the committee considering the bill: Joe Lieberman (I-Ct.), Susan Collins (R-Maine), Carl Levin (D-Mich.), Daniel Akaka (D-Hawaii), Tom Coburn (R-Okla.), Scott Brown (R-Mass.), Thomas Carper (D-Del.), Mark Pryor (D-Ark.), John McCain (R-Ariz.), Ron Johnson (R-Wis.), Mary Landrieu (D-La.), Claire McCaskill (D-Mo.), Rob Portman (R-Ohio), Rand Paul (R-Ky.), Jon Tester (D-Mont.), Mark Begich (D-Alaska) and Jerry Moran (R-Kan.).
2. Read the New York Times article, “Lawmakers Push to Increase White House Oversight of Financial Regulators.” (google it)