The Political Stray

A Web Site for Political Independents

Why Do We Allow This?

Okay Gang,

Here's your "Why do we allow this?" question for the week:

Below, we have a piece of legislation written to address some of our financial issues.

S.3691
Title: A bill to amend the Commodity Exchange Act to require reporting and recordkeeping for positions involving credit-default swaps, to grant the Federal Reserve Board authority over investment-bank holding companies, and for other purposes.
Sponsor: Sen Collins, Susan M. [ME] (introduced 11/19/2008) Cosponsors (None)
Latest Major Action: 11/19/2008 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

As you can see, it was referred to the Committee on Banking , Housing and Urban Affairs. Okay.. so who is on that committee and what do they do?

Here's who they are:

Democrat	Republican
Christopher J. Dodd Chairman (D-CT)	Richard C. Shelby Ranking Member (R-AL)

Tim Johnson (D-SD)	Robert F. Bennett (R-UT)

Jack Reed (D-RI)	Jim Bunning (R-KY)

Charles E. Schumer (D-NY)	Mike Crapo (R-ID)

Evan Bayh (D-IN)	Mel Martinez (R-FL)

Robert Menendez (D-NJ)	Bob Corker (R-TN)

Daniel K. Akaka (D-HI)	Jim DeMint (R-SC)

Sherrod Brown (D-OH)	David Vitter (R-LA)

Jon Tester (D-MT)	Mike Johanns (R-NE)

Herb Kohl (D-WI)	Kay Bailey Hutchison (R-TX)

Mark Warner (D-VA)

Jeff Merkley (D-OR)

Michael Bennet (D-CO)

Here's what they do:

Banks, banking, and financial institutions.
Control of prices of commodities, rents and services.
Deposit insurance.
Economic stabilization and defense production.
Export and foreign trade promotion.
Export controls.
Federal monetary policy, including the Federal Reserve System.
Financial aid to commerce and industry.
Issuance and redemption of notes.
Money and credit, including currency and coinage.
Nursing home construction.
Public and private housing (including veterans housing).
Renegotiation of Government contracts.
Urban development and urban mass transit.

(2) Such Committee shall also study and review on a comprehensive basis, matters relating to international economic policy as it affects United States monetary affairs, credit, and financial institutions; economic growth, urban affairs, and credit, and report thereon from time to time.

If you look at the page of the Committee on Banking, Housing, and Urban Affairs,

You'll notice that Senator Chris Dodd and Senator Richard Shelby are the leaders.

Now check these out:

Christopher Dodd's contributors from the Federal Election Commission.

Senator Richard Shelby's contributors from the Federal Election Commission.

For those of you that don't feel like checking those out, let me save you the trouble, these guys have a high ratio of contributors from the finance world.

Let me remind you that Christopher Dodd wrote one of the versions of what would become the Gramm-Leach-Bliley act, the legislation that gutted the protections for the public from financial jackals.

That's who will decide what to do about Senator Collins legislative effort.

Guys, this goes somewhat beyond having the fox in charge of the hen house, don't you think?

So. Why are we permitting this?

Who runs America?

You.

Me.

Okay, Alabama and Connecticut people?

These are yours. That makes it your question.

Power to the People,

The Political Stray

editor@thepoliticalstray.com