Open thread for night owls: Rotten 'Bank Lobbyist Act' up for House vote Tuesday
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Andrea Germanos at Common Dreams writes—Progressives Sound Alarm Ahead of Tuesday House Vote on 'Bank Lobbyist Act’: Progressive lawmakers and advocacy groups are sounding alarm on Monday ahead of the U.S. House's vote on a financial deregulatory bill dOpen thread for night owls: Rotten 'Bank Lobbyist Act' up for House vote Tuesday
Andrea Germanos at Common Dreams writes—Progressives Sound Alarm Ahead of Tuesday House Vote on 'Bank Lobbyist Act’: Progressive lawmakers and advocacy groups are sounding alarm on Monday ahead of the U.S. House's vote on a financial deregulatory bill dubbed the «Bank Lobbyist Act.» Declaring her opposition, Rep. Jan Schakowsky (D-Ill.) tweeted, «We need to #ProtectConsumers, not big banks.» The legislation is S. 2155, officially titled the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” It already passed the Senate in March with the help of 16 Democrats and Sen. Angus King (I-Maine), and praise from big banks. The House is expected to vote on it Tuesday. Summing up the dangers of the legislation, Public Citizen tweeted: xThe #BankLobbyistAct would:-Allow banks to engage in the kind of risky behavior that caused the 2008 financial crash-Make taxpayer-funded bailouts more likely-Exempt 25 of the nationâÂÂs largest banks from needed oversightDonâÂÂt let the House pass it: https://t.co/UaCFqIK9MZ— Public Citizen (@Public_Citizen) May 20, 2018 The advocacy group also joined dozens of organizations including the National Consumer Law Center and the NAACP on Friday in sending a letter (pdf) to representatives urging them to «not roll back consumer protections under the Dodd-Frank Act that have helped and continue to help millions of people across the country.» That letter came less than a month after scores of other groups called onrepresentatives to oppose the bill, noting that it also would enable racially discriminatory lending practices by weakening reporting requirements under the Home Mortgage Disclosure Act (HMDA). Recognizing such threats, members of the Congressional Progressive Caucus have been taking to social media to announce their opposition to the bill they say sets the stage for another financial crisis. Rep. Keith Ellison (D-Minn.), for example, tweeted that the bill would «roll back some of the protections against Wall Street greed that we put in place after the financial crash. I will do everything I can to see this #BankLobbyistAct defeated.» [...] TOP COMMENTS • HIGH IMPACT STORIES QUOTATION “There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that 'my ignorance is just as good as your knowledge.” ~~Isaac Isimov (1980) TWEET OF THE DAY xTrump said a trade war would be easy to win, but as it approached, and China targeted his base in rural America, those bone spurs flared up again. Now Trump has ditched the steel workers and settled for $500M for his Indonesia project in exchange for him taking another deferment.— Facts Do Matter (@WilDonnelly) May 21, 2018 BLAST FROM THE PAST On this date at Daily Kos in 2010—As it makes live feed available, BP admits oil flow worse than claimed: So what might be motivating BP to concede their claim of 5,000 barrels per day was wrong? Perhaps the fact that they have finally posted a live feed of the oil gushing from the main leak. In my experience watching the feed, it's had some technical hiccups, but I was able to watch about five minutes before the video screen went black. It's incredibly disturbing — clouds of oil billowing from the site of the leak, at times appearing far, far worse than the initial video BP released. The fact that BP now claims to be siphoning off 5,000 barrels per day but the flow of oil appears to be as bad as ever tells you just how massive this leak is. CBS was the first news organization to get its hands on the live feed and showed it to Purdue Professor of Mechanical Engineering Steven Werely. He estimates that nearly 100,000 barrels — 4 million gallons or an Exxon Valdez every three days — is still spewing from the leak. On today’s Kagro in the Morning show, Greg Dworkin is back! A wild weekend of Trump fuming, plot thickening (and probably Trump thickening), wave building and GOP disarraying. Saudish Arabia is back in the mix. And yes, another mass shooting means another pass at guessing the «cause.» x Embedded Content RadioPublic|LibSyn|YouTube|Patreon|Square Cash (Share code: Send $5, get $5!) LINK TO DAILY KOS STORE Read more