Share:

PETITION AGAINST PIECEMEAL GUTTING OF DODD-FRANK

Messages Sent So Far
As your constituent, I feel that you must OPPOSE current and ongoing attempts to roll-back crucial parts of the Dodd-Frank Act (?Dodd-Frank?). Specifically, you should oppose H.R. 37 (?Promoting Job Creation and Reducing Small Business Burdens Act?), which is scheduled for a vote this week. President Obama, to his credit, has promised to veto this dangerous bill should it pass. I urge you to similarly vote against this unwarranted dilution of Dodd-Frank.

While proponents of H.R. 37 argue that it is merely a collection of ?technical? amendments to Dodd-Frank, the fact is that many of these changes would embolden regulated financial companies to continue undertaking the kind of risky financial activities that led to the Great Recession of 2008. The bill embodies the first salvo in the Republican-dominated 114th Congress?s bid to bring about the death of Dodd-Frank through a thousand cuts.

The bill has a number of troubling provisions, including:

1. Delays in applicability of the Volcker Rule to loan securitizations similar to the mortgage-backed deals that caused the 2008 crisis

2. Allowing private equity firms that provide investment banking services to avoid registering as broker dealers

3. Freeing so-called end-users from margin requirements in derivatives trading, thereby setting the stage for proliferation of credit risk from discrete end-users to the broader global economy.

4. Allowing approximately 60% of public companies to game the historical data in their financial statements.

Another bill under consideration, the Senate version of H.R. 185 (?Regulatory Accountability Act?) would greatly hamper the ability of our financial regulators to protect the public by destroying their independence and requiring needless, costly, time-consuming and one-sided, pro-Wall Street ?industry cost only analysis? for all rules.

These provisions are nothing more than an attempt by Wall Street lobbyists and their friends in Congress to eviscerate important reforms implemented by the Dodd-Frank Act. I encourage you to vote against H.R. 37, and thereby affirm that you support the public interest and not just that of Wall Street.
Public Comments
Feb 3rd, 2017
Catherine W. from Fort Collins, CO signed.
Mar 8th, 2015
Someone from Edmonds, WA signed.
Mar 8th, 2015
Someone from East Middlebury, VT signed.
Feb 3rd, 2015
Someone from Yelm, WA signed.
Feb 3rd, 2015
Someone from Yelm, WA signed.
Jan 31st, 2015
Someone from North Las Vegas, NV signed.
Jan 16th, 2015
Someone from Teaneck, NJ signed.
Jan 15th, 2015
Someone from Portsmouth, NH signed.
Jan 15th, 2015
Someone from Sylva, NC signed.
Jan 15th, 2015
Someone from Milford, CT signed.
Jan 15th, 2015
Someone from Topsfield, MA signed.
Jan 15th, 2015
Someone from Glastonbury, CT signed.
Jan 15th, 2015
Someone from Sylva, NC signed.
Jan 14th, 2015
Someone from Carmel, NY writes:
Quotation mark icon
Don't vote as pawns of Wall Street, Don't let the causes of the most recent financial crisis persist and return to haunt us again. Vote against H.R. 37 and, if presented, H.R. 185.
Jan 14th, 2015
Someone from Carmel, NY writes:
Quotation mark icon
Don't vote as pawns of Wall Street, Don't let the causes of the most recent financial crisis persist and return to haunt us again. Vote against H.R. 37 and, if presented, H.R. 185.
Jan 14th, 2015
Someone from Van Nuys, CA writes:
Quotation mark icon
Dodd-Frank should not be gutted.
Jan 14th, 2015
Someone from New York, NY signed.
Jan 14th, 2015
Someone from New York, NY signed.
Jan 14th, 2015
Someone from Houston, TX signed.
Jan 14th, 2015
Someone from Delta, OH signed.
Jan 14th, 2015
Someone from Pacifica, CA writes:
Quotation mark icon
I dont believe the taxpayers should be insuring the risky investments such as derivatives by large finacial institutions. Moreover I think a well regulated market is in our nations best interests. That is why America is seen as a good place to invest. I am paraphrasing Adam Smith.
Jan 14th, 2015
Someone from Cleveland, OH signed.
Jan 14th, 2015
Someone from Chicago, IL writes:
Quotation mark icon
If you believe financial institutions have learned their lessons, look at what is currently happening with Ocwen. Strong and enforced regulations, or a new congress.
Jan 14th, 2015
Someone from Binghamton, NY signed.
Jan 14th, 2015
Someone from Hobbs, NM signed.
Jan 14th, 2015
Someone from Evergreen, CO signed.
Jan 14th, 2015
Someone from Charlotte, NC writes:
Quotation mark icon
It is indicative of Congress members' collective lack of concern for the public, that those of us ordinary blokes whose pensions have been decimated by Wall Street greed have to spend our time in fruitless petitioning while Congress listens to Wall Street lobbyists. You, with health care and pensions provided by us, have to ask yourself for a moment if you have an ounce of integrity, who benefits from gutting Dodd-Frank?
Jan 14th, 2015
Someone from Fresno, CA signed.
Jan 14th, 2015
Someone from Federal Way, WA writes:
Quotation mark icon
Where are the people protections?
Jan 14th, 2015
Someone from Nixa, MO signed.
Jan 14th, 2015
Someone from Brooklyn, NY signed.
Jan 14th, 2015
Someone from Magalia, CA signed.
Jan 14th, 2015
Someone from Reno, NV writes:
Quotation mark icon
You may be aware of this aspect of banking, but Dodd-Frank is not a typical political squabble in Congress because of it. At issue is OUR DEPOSITS in banks. Because those deposits are loaned out, leaving only a small reserve in the vaults to supply our demand for our own money, a multiplier effect is set up for the money supply. Just go on Wikipedia and look up fractional reserve banking. There?s a section of the article that explains the multiplier. When there is a crisis in the banking system, as there was during the 1980?s in the savings and loan industry and there was in 2008 on Wall Street, the multiplier freezes up. The banks can?t get back our money that they?ve loaned out. Now those are two crises that were directly caused by deregulation of the banking system. Savings and loans were not allowed to raise their interest rates when Paul Volcker raised the fed rate to combat inflation in the 1980?s. So the deregulators in Congress allowed savings and loans to take ownership positions in projects to which they loaned. They put our money into real estate all over the country, so many projects that there were miles of unoccupied condos, shopping malls and office buildings down in Texas and elsewhere. They couldn?t make money on interest rates, so S&L?s went on a building spree to make money, a spree motivated by their need to make money on our deposits not on supply and demand in the real estate market. Michael Milken recruited a team of brokers to marshal piles of $100,000 deposits that he put into savings and loans in exchange for the S&Ls? purchases of his worthless junk bonds. In the last decade, the banks marshaled armies of brokers to write bad real estate loans, fueled by their greed to make money on our deposits and not based on supply and demand in the real estate market. They paid Standard & Poors to lie about the quality of those loans, then sliced and diced them into securities that hid the unacceptable risk in those securities and sold them to the public. In this latter episode, they struck from both sides. They loaned out our deposits to finance bad real estate loans and then the derivatives they sold to the public were financed by more bank loans to their customers. You know like $33 of loans to every $1 of a customers own money!! You can see why the banking system froze up. In the London Whale case at JP Morgan, they used $300 billion of idle deposits to invest in the derivatives market, investments that had wracked up $6 billion of losses of DEPOSITS when the case went public. JP Morgan eventually reduced that loss to $2 or $3 billion. But Jamie Dimon complains on the front page of Bloomberg News today that he?s besieged by regulators!! You might want to inquire whether he submitted an insurance claim to the FDIC!! Suffice it to say the bankers have shown us on two occasions when we?ve deregulated that they cannot be trusted. They?re using Other People?s Money that, because it is the money supply,
Jan 14th, 2015
Someone from Raleigh, NC signed.
Jan 14th, 2015
Someone from Philadelphia, PA writes:
Quotation mark icon
It is troubling that instead of addressing the problems of "too big to fail" you instead encourage these institutions to put us at risk again. We the people have suffered enough at the hands of these institutions. Protect us from further abuses.
Jan 14th, 2015
Someone from Ithaca, NY signed.
Jan 14th, 2015
Someone from San Francisco, CA signed.
Jan 14th, 2015
Someone from San Jacinto, CA signed.
Jan 14th, 2015
Someone from Oakland, CA signed.
Jan 14th, 2015
Someone from Sylva, NC signed.
(c) Petition2Congress, all rights reserved. For support: email info@rallycongress.com or call (202) 600-8357