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Urge Senators Gillibrand and Schumer to Oppose H.R. 992
On Monday, Nov. 18, 2013 we will be in front of the Bank of America branch at the corner of Park Ave. and Berkeley St. in Rochester from noon to 1 pm protesting any weakening of the Dodd-Frank bill passed in 2010. The major banks that would likely be benefited by H.R. 992 are Citibank, JP Morgan, and Bank of America.
Urge Senators Gillibrand and Schumer to Oppose H.R. 992 when it arrives in the Senate and thank Congresswoman Slaughter and Congressman Brian Higgins for opposing it. Unfortunately, Congressmen Tom Reed, Dan Maffei, and Chris Collins voted for the bill. Three out of five Western New York congressmen voted for this bill.
House of Representatives bill number 992 (H.R. 992)would repeal financial bailout protections that Congress passed in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill, the “Swaps Regulatory Improvement Act,” would severely limit the reach of Sec. 716 in Dodd-Frank, which requires banks that are eligible for Federal Deposit Insurance Corporation or Federal Reserve lending discounts to spin off their derivatives activities into separate corporate entities that would not be eligible for federal assistance.
According to the New York Times, lobbyists from Citigroup played a major role in the bill’s creation: “Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill,” Eric Lipton and Ben Protess write. “Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)”
Lobbyists who support this bill (security brokers, investment companies, commercial banks, bank holding companies, banks, other lending institutions, and chambers of commerce) have contributed $22, 583,429 to members of the US House of Representatives, while lobbyists who oppose this bill (Democratic/liberal, labor unions and consumer groups) contributed $3,848,425. Source.
Two hundred twenty Republicans and seventy Democrats voted for H.R. 992.