Where There’s A Good Bill To Weaken, Tom Carper Is There
We haven’t talked about Tom Carper in a while but he’s up to his usual mischief. Right now the Senate is debating amendments to the financial reform bill. So far the bill has turned out to be better than I expected but Tom Carper has an amendment which would weaken financial reform considerably. It’s an amendment that allows the federal government to pre-empt tougher state regulations:
That’s what makes a new amendment from Sen. Tom Carper, D-Del., so dangerous. Carper’s plan is to ban states from enforcing their own laws against big national banks like Wells Fargo, Citigroup, and Bank of America. This is an overt attempt to take cops off the beat and allow banks to get away with outright abuses. While doing lipservice to “strong consumer protection,” Sens. Bob Corker, R-Tenn., John Ensign, R-Nev., D-Mark Warner, D-Va., Tim Johnson, D-S.D., Ben Nelson, D-Neb., and Evan Bayh, D-Ind., have all gone to bat for America’s largest banks.
This is the kind of amendment that can actually sink the bill if adopted. For years, federal bank regulators at the Office of Comptroller of the Currency (OCC) asserted broad powers to preempt state laws, and courts generally backed them. But in 2009, the Supreme Court reversed those decisions, giving states the ability to go after big banks through the court system. Carper’s amendment wouldn’t just institutionalize a destructive status quo — it would actively deregulate, further empowering banks to take advantage of the public.
Defeating the amendment would mean that states could pass tougher regulations on banks while ensuring a certain level of regulation. That means states won’t be able to weaken protections, but some states could experiment with stronger regulations.
Consumer advocacy groups are livid about the Carper amendment, and their intense pushback may keep the amendment from coming to a vote directly. So Carper is currently in negotiations with Sen. Chris Dodd, D-Conn., about including Carper’s efforts in Dodd’s “manager’s amendment.” It’s extremely difficult for Senators to vote against the manager’s amendment, because it will include hundreds of small tweaks to different sections. It’s essentially a conglomeration of all the deals Dodd has cut with other Senators behind closed doors.
It wouldn’t hurt for you to put in a call to tell Carper and Kaufman that you oppose amendment 3949. If you know someone in Dodd’s district, tell them to call and urge Dodd not to include 3949 in the manager’s amendment.
Tags: Financial Reform, Tom Carper
How did Tom become such a Republican?
He got to be such a Republican by serving in a bank-friendly state, by receiving so many contributions from Wall Street, and by forgetting who he is supposed to be serving.
“…and by forgetting who he is supposed to be serving.”
Ed Freel?
For those of you who don’t already have Senator Carper’s phone number on your speed-dial list, here’s where to call:
DC Office: 202-224-2441
Wilmington: 302-573-6291
Dover: 302-674-3308
Georgetown: 302-856-7690
All ya gotta say is you oppose Senator Carper’s amendment #3949. You can leave your name and address if you wish. It won’t make Senator Carper change anything but you will feel better.
Then call Senator Kaufman’s office and ask him to vote against this amendment. This call might actually have some impact.
Senator Kaufman Offices:
Wilmington: 302-573-6345
Milford: 302-424-8090
D.C.: 202-224-5042
It’s the old “Don’t enforce the law” trick, similar to what the Feds have done with Illegal Immigration. Screw Carper, nothing like wearing your corruption on your sleeve.
Well, this is good news:
Why is it that Ted K. has been in office a little over a year and has accomplished more in Washington that Carper has either in the House or the Senate???? Run Ted Run
He has accomplished more precisely because he is not running. If he was running, he would be beholden to corporate contributors (poster-child, Tom Carper)
Who will primary Carper ?
are you 30, delcrat? Crazy war hawk I am, id still probably vote for you.
His banker buddies didn’t even have to put a pop-gun to his head.He’s been ready to tricky-trot that amendment out since the debate began.Fucking carpetbagging DINO!
I just love, love, love it when DL displays Carper with his sponsors’ names on his clothing….it’s as close to the truth as one can get.
Who will primary Carper ? Nobody,
How very very sad ! He has to look back someday and look around his home State and see how he lost everyone’s respect.
A brilliant carrier sold for a ransom,
Leave Tom alone, he’s home crying his eyes out because the banks finally lost one: Limits on the fee they can charge per credit card swipe (it’s communism I say!). Of course Tom voted against the bill like a good little bankster.