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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 Crawfordville, FL writes:
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I am signing this petition to keep regulations in place.
Jan 14th, 2015
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Jan 14th, 2015
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Jan 14th, 2015
Someone from Chicago, IL signed.
Jan 14th, 2015
Someone from Youngsville, NY writes:
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Enough already - they stole $700 billion last time - so now we're going to weaken regulations that might put some sort of a check to their greedy ways - what and prosecute more $10,000 welfare cheaters with starving children. Stop working only for the super rich who have gotten theirs through abuse of taxpayers and laxity of regulators The country can't afford another 2008 contrived collapse.
Jan 14th, 2015
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Jan 14th, 2015
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Jan 14th, 2015
Someone from Bucksport, ME signed.
Jan 14th, 2015
Someone from Seattle, WA writes:
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We have already lost portions of the Dodd-Frank Act. Please oppose this new attempt to chip away at it. This bill is nothing to do with job creation nor with small business -- it is everything to do with removing what little protection we have against another economic disaster provoked by an out-of-control financial industry.
Jan 14th, 2015
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Jan 14th, 2015
Someone from Nacogdoches, TX writes:
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One purpose of Dodd Frank was to prevent overly leveraged derivatives and another September 18th, 2008. It is pillage of American taxpayers to consider anything less.
Jan 14th, 2015
Someone from New York, NY signed.
Jan 14th, 2015
Someone from Middleton, MA signed.
Jan 14th, 2015
Someone from Washington, DC writes:
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Combined with the current government indifference to abusive and predatory behavior throughout the financial sector, these bills are more invitations to another lost decade for many.
Jan 14th, 2015
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Jan 14th, 2015
Someone from Redondo Beach, CA writes:
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Greetings Representative Lieu: I am glad that you were elected to replace Representative Waxman, and, more importantly, to represent me and District 33. I want to inform you of the importance that I, as a constituent and as a citizen, place on legislation that regulates private banks, financial firms, and investment funds in accordance with public purpose. I believe that it is of paramount importance to continue addressing the unacceptable risk inherent in the systemically complex and opaque composition of the financial markets, of which our banking and financial institutions are a part. Ensuring the full enactment of the Dodd-Frank legislation is not enough to do this; more work toward reforming our banking and financial systems in accordance with Equity and Stability is necessary, if to avoid another catastrophe from emerging and do more harm to our economy -- here, in Southern California, as well as the nation. However, allowing the small number of effective reforms and regulations to be clawed back by Wall Street would be imprudent folly of the most impolitic. This message is not the place to burden you or your staff with a litany of descriptions or prescriptions on this matter. However, I do encourage you to weigh the recommendations of Occupy the SEC, as well as the incoming Chief Economist for the Minority party in the Senate Budget Committee, Dr. Stephanie Kelton. With this message I mean only to strongly entreat that you vote against HR 37. I will be paying attention to your voting in the 114th Congress. I hope that it will make me proud to have voted for you. Thank you for your service, David Graham Dixon Redondo Beach, CA
Jan 14th, 2015
Someone from La Mesa, CA writes:
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Do you want another economic meltdown?
Jan 14th, 2015
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