Want real financial reform for Wall Street? Do this.
The most important remaining battle to rein in Wall Street is over Senator Blanche Lincoln’s measure to stop the big banks from being subsidized by taxpayers for their risky derivative trades. Miraculously, it’s still in the bill but it’s on life support. The bill has now gone to the conference committee where differences between the House and Senate bills are to be ironed out.
But official Washington (read: dependent on Wall Street for money) is dead set against it. Even Barney Frank — who Massachusetts voters used to consider a reliable progressive until he became chair of the House Financial Services Committee — has vowed to kill Lincoln’s provision. And the White House says the measure is “not core,” which in Washington-lingo means “you’re free to dump it.”
Big, big money is at stake. Wall Street’s five largest banks have a corner on the trade, raking in about in about $30 billion in over-the-counter derivatives last year. It’s the single largest reason they’re too big to fail. So they’re spending like mad on Washington lobbyists and campaign donations in order to keep the subsidy in place. (Lincoln’s provision doesn’t force them to give up derivative trading, by the way; it only forces them to do it in a separate entity that doesn’t get subsidized by deposit insurance or the Fed’s discount window).
All the guns are aimed at this measure. But it’s still possible that the people can prevail, if we’re organized and active. Here’s a list of all the Dems on the Senate Banking and House Finance Committee, as well as Republican conferees. All conferees are indicated by ->.
Organize and mobilize your friends and acquaintances, especially those who live in these states or districts, to call their members and make their voices heard. Tell them you want Lincoln’s measure (Section 716 of the Senate bill) to remain in the final bill. Say you’ll hold them responsible if it goes.
Alabama -> Senator Richard C. Shelby (202) 224-5744
Arkansas -> Senator Blanche Lincoln (202) 224-4843
California -> Rep. Maxine Waters (202) 225-2201 (California-11)
Rep. Brad Sherman, CA (202) 225-5911
Rep. Jackie Speier, CA (202) 225-3531
Rep. Joe Baca, CA (202)225-6161
Colorado -> Senator Michael Bennet (D-CO) (202) 224-5852
Rep. Ed Perlmutter, CO 202.225.2645
Connecticut -> Chairman Christopher J. Dodd (D-CT) (202) 224-2823
Rep. Jim Himes, CT (202) 225-5541
Florida -> Rep. Ron Klein, FL (202) 225.3026
Rep. Suzanne Kosmas, FL (202) 225-2706
Rep. Alan Grayson, FL (202) 225-2176
Georgia -> Senator Saxby Chambliss 202-224-3521
Rep. David Scott, GA (202) 225-2939
Hawaii -> Senator Daniel K. Akaka (D-HI) (202) 224-6361
Idaho -> Senator Mike Crapo (202) 224-6142
Rep. Walt Minnick, ID (202) 225-6611
Illinois -> Rep. Luis V. Gutierrez (202) 225-8203 (Illinois-4)
Rep. Melissa L. Bean, IL (202) 225-3711
Rep. Bill Foster, IL (202) 225-2976
Iowa -> Senator Tom Harkin (202) 224-3254
Indiana -> Senator Evan Bayh (D-IN) (202) 224-5623
Rep. Joe Donnelly, IN (202) 225-3915
Rep. Andre Carson, IN 202-225-4011
Kansas -> Rep. Dennis Moore (202) 225-2865 (Kansas-3)
Massachusetts -> Chairman Barney Frank (202) 225-5931 (Massachusetts-4)
Rep. Michael E. Capuano, MA (202) 225-5111
Rep. Stephen F. Lynch, MA (202) 225-8273
Minnesota -> Rep. Keith Ellison, MN (202) 225-4755
Mississippi -> Rep. Travis Childers, MS (202) 225-4306
Missouri -> Rep. Gary Peters, MI (202) 225-5802
Montana -> Senator Jon Tester (D-MT) (202) 224-2644
Rep. William Lacy Clay, MO (202) 225-2406
Rep. Emanuel Cleaver, MO 202.225.4535
New Jersey -> Senator Robert Menendez (D-NJ) (202) 224-4744
Rep. John Adler, NJ (202) 225-4765
Rep. Scott Garrett (NJ) (R) (202) 225-4465
New Hampshire -> Senator Judd Gregg (202) 224-3324
Rep. Paul W. Hodes, NH (202) 225-5206
New York -> Senator Charles E. Schumer (202) 224-6542
Rep. Gregory W. Meeks 202/225-3461 (New York-6)
Rep. Nydia M. Velázquez, NY (202) 225-2361
Rep. Carolyn McCarthy, NY (202) 225-5516
Rep. Dan Maffei, NY (202) 225-3701
North Carolina -> Rep. Melvin L. Watt (202) 225-1510 (North Carolina-12)
Rep. Brad Miller, NC (202) 225-3032
Ohio -> Senator Sherrod Brown (D-OH) (202) 224-2315
Rep. Charles Wilson, OH (202) 225-5705
Rep. Mary Jo Kilroy, OH (202) 225-2015
Rep. Steve Driehaus, OH (513) 684-2723
Oregon -> Senator Jeff Merkley (D-OR) (202) 224-3753
Pennsylvania -> Rep. Paul E. Kanjorski (202) 225-6511 (Pennsylvania-11)
South Dakota -> Senator Tim Johnson (202) 224-5842
Tennessee -> Senator Bob Corker (202) 224-3344
Texas -> Rep. Rubén Hinojosa, TX (202) 225-2531
Rep. Al Green, TX (202) 225-7508
Rep. Jeb Hensarling (TX) (R) (202) 225-3484
Wisconsin -> Senator Herb Kohl (D-WI) (202) 224-5653
Rep. Gwen Moore, WI 202-225-4572
Vermont -> Senator Patrick J. Leahy (202) 224-4242
Virginia -> Senator Mark Warner (D-VA) (202) 224-2023
Add/view comments on this post..
------------------------------
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.
