TYT Network: Heitkamp, Backing Deregulation Bill, Owns Stock in Financial Firms that Stand to Profit


This week, the U.S. Senate will consider a bipartisan bill to massively roll back regulations put in place to prevent the risky financial practices that led to the 2008 economic crisis. As David Dayen reported at The Intercept, S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, would aid big banks by expanding an exemption from certain Dodd-Frank financial regulations to include many of America’s big banks, among other favorable provisions. 13 Republicans, 12 Democrats and one Independent are sponsoring the legislation.


“Our big money campaign finance system not only means that Congressional candidates are dependent on deep-pocketed financial interests to get elected, but that Congress itself is a millionaire’s club where it is not uncommon for members to have six-figure investments in the industries they regulate,” Brendan Fischer, director of the Federal and FEC Reform Program at the Campaign Legal Center, told TYT.


“In order to even consider running for office, a candidate needs a network of wealthy associates and to be comfortable asking those rich folks for money—which gives an advantage to candidates who are themselves wealthy,” said Fischer. “So it perhaps isn’t surprising that the members of Congress who are leading the charge to deregulate Wall Street are both dependent on Wall Street cash for their reelection and also have six-figure investments in the entities that stand to benefit. We don’t know whether these members are acting in the interest of their donors, or in their self-interest, but it is unfortunate that we even need to be asking these questions.”

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