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
Jan 14th, 2015
Someone from Hot Springs National Park, AR signed.
Jan 14th, 2015
Someone from Crawfordville, FL signed.
Jan 14th, 2015
Someone from Galesburg, IL writes:
Quotation mark icon
We do not need a replay of 2008.
Jan 14th, 2015
Someone from Sprakers, NY signed.
Jan 14th, 2015
Someone from Mesa, AZ signed.
Jan 14th, 2015
Someone from Manchester, CT signed.
Jan 14th, 2015
Someone from High Rolls Mountain Park, NM signed.
Jan 14th, 2015
Someone from Clemmons, NC signed.
Jan 14th, 2015
Someone from Brooklyn, NY signed.
Jan 14th, 2015
Someone from Lakeville, MN signed.
Jan 14th, 2015
Someone from Los Angeles, CA writes:
Quotation mark icon
I will not bail out another bank for doing the same things that caused the last financial crisis.
Jan 14th, 2015
Someone from Richmond, ME signed.
Jan 14th, 2015
Someone from Albuquerque, NM signed.
Jan 14th, 2015
Someone from Portland, OR signed.
Jan 14th, 2015
Someone from New Rochelle, NY writes:
Quotation mark icon
HR 37 would gut DFA and significantly increase the chances of another 2008-style meltdown. Please vote against it. --Kimberly Christensen, Economics Professor, Sarah Lawrence College
Jan 14th, 2015
Someone from Chicago, IL signed.
Jan 14th, 2015
Someone from Lancaster, PA writes:
Quotation mark icon
Should you gut the Dodd- Frank Bill, you open the door to unfettered greed... which is neither good morally, but it is dangerous economically and politically
Jan 14th, 2015
Someone from New York, NY signed.
Jan 14th, 2015
Someone from Carlsbad, CA signed.
Jan 14th, 2015
Someone from San Diego, CA writes:
Quotation mark icon
Dodd-Frank was put in place for a very important reason. So the mistakes of the past in the Financial Sector don't go off the rails again. Lets use some sound judgement here and not dismantle Dodd-Frank, piece by piece.
Jan 14th, 2015
Someone from Los Angeles, CA signed.
Jan 14th, 2015
Someone from Cashiers, NC signed.
Jan 14th, 2015
Someone from Arlington, VA signed.
Jan 14th, 2015
Someone from Eugene, OR writes:
Quotation mark icon
Stop feeding the greedy beast. Break up the too big to fail banks, and make the them gambol with their own money.
Jan 14th, 2015
Someone from Oakland, CA writes:
Quotation mark icon
We now have a subset party called the "TEA Party". I think we should define a political party made up mostly of Republicans but including some Democrats whose sole purpose is to serve the US Oligarchy by sponsoring legislation such as H.R. 37. Names such as "Courtier" and "Lackey" come to mind. Anyone have other suggestions?
Jan 14th, 2015
Someone from Cullowhee, NC signed.
Jan 14th, 2015
Someone from Arlington, VA signed.
Jan 14th, 2015
Someone from Sylva, NC signed.
Jan 14th, 2015
Someone from Brecksville, OH writes:
Quotation mark icon
Surely you're not voting to gut Dodd-Frank to help the middle class investor! When does your "shame" index register that your actions with regard to to this issue are abhorrent! Do not weaken D-F!
Jan 14th, 2015
Someone from Bryan, OH signed.
Jan 14th, 2015
Someone from Sand Creek, WI writes:
Quotation mark icon
Stop gutting what was already a too-weak financial reform measure!
Jan 14th, 2015
Someone from New York, NY writes:
Quotation mark icon
The letter above, accompanying this petition, states very clearly specific problems of the proposed legislation. It also correctly warns of the general intent "to eviscerate important reforms" implemented in Dodd-Frank. Don't let that happen!
Jan 14th, 2015
Someone from Durham, NC signed.
Jan 14th, 2015
Someone from Atlanta, GA writes:
Quotation mark icon
We should be exploring public banking options.
Jan 14th, 2015
Someone from Brooklyn, NY signed.
Jan 14th, 2015
Someone from Lakeland, FL signed.
Jan 14th, 2015
Someone from Ormond Beach, FL writes:
Quotation mark icon
enough is enough. or should i say, here we go again. it did not take long for our wall street-owned representatives to undo the weak regulations that were promulgated to avoid a re-do of the Great Recession. have you seen enuf? our political and economic systems are corrupt and for sale. does the greed have any boundaries?
Jan 14th, 2015
Someone from Littleton, CO writes:
Quotation mark icon
Please protect all American's from egregious financial institution actions!
Jan 14th, 2015
Someone from San Diego, CA signed.
Jan 14th, 2015
Someone from Irvington, NY signed.
(c) Petition2Congress, all rights reserved. For support: email info@rallycongress.com or call (202) 600-8357