Democrats and Republicans in the House of Representatives just passed a law written and paid for by lobbyists for Wall Street banks. They sold us all out, so we’re demanding they step down.
The U.S. House just passed a bill called H.R. 992 — the Swaps Regulatory Improvement Act — that was literally written by mega-bank lobbyists. It repeals the laws passed in 2010 to prevent another meltdown like the one that crashed our economy in 2008. The repeal was cosponsored by a former Goldman Sachs executive and passed with bipartisan support from some of the House’s largest recipients of Wall Street cash. It’s so appalling… so unbelievable… so blatantly corrupt… that you’ve got to see it to believe it.
In 2010, Congress passed the “Dodd-Frank” law to clamp down on risky “derivatives trading” that led to the financial collapse of 2008. Dodd-Frank was weakened by banking lobbyists from the start and has been under attack by those lobbyists ever since. Now a new law written by Citigroup lobbyists (we couldn’t make this stuff up if we tried) exempts derivatives trading from regulation, and was passed this week by the House of Representatives with broad bipartisan support.
It sounds bad… but don’t worry, it gets much, much worse:
Read the full story here at Represent.US and then ask President Obama (@WhiteHouse) to veto the Bill if it is passed by Congress.
You can also contact Senators Harry Reid (@SenatorReid) and Elizabeth Warren (@SenWarren).