Two Local Congressmen, Far Left, Far Right, Vote “No” on Finance Reform

Both liberal Democrat Marcy Kaptur and conservative Republican Bob Latta voted ‘No” on The “Wall Street Reform and Consumer Protection Act of 2009.” The bill now goes to the Senate, where it faces the prospect of filibuster by the Republicans.

Why did these two polar political opposites join in voting to defeat this legislation?  One was pure passion while the other was mindless party obedience. No one expected Republican Bob Latta to vote against his party’s mandate to ‘kill the bill’ because Latta toes the Republican play-book of John Boehner in every vote he casts.  Pundits contend that the GOP wants to stop Obama by voting against any legislation that may help him and other Democrats in their re-election bids in 2010 and 2012.

The no-vote by Ms. Kaptur was cast out of a deep conviction that the “Wall Street Reform and Consumer Protection Act of 2009” is essentially a watered-down, weak slap-on-the-wrists and it essentially does very little to actually protect the consumers from the predatory financial practices of Wall Street and the big banking corporations.

Kaptur pleading for "no" vote

John Nichols, Capital Times associate editor, wrote a story about Ms. Kaptur’s bold ‘no’ vote in an article he titled, “Why a bank-bashing populist Democrat opposed the Wall Street ‘reform’ bill.” A key section from Nichols is this:

But while Democrats generally backed the bill, Kaptur cast a “no” vote.

A loud and unapologetic “No!”

Why did the most ardent reformer in the House reject what she dismissed as a “so-called bill”?

Kaptur told the House that the measure often seems to “support the very same big banks (that caused the crisis) and not the American people and the communities in which we live, in the Main Street that all of us are sworn to represent.”

In particular, she complained: “The bill allows financial power to create wealth, the bankers’ awesome power, to be closely held in a few Wall Street and Charlotte-based megabanks. The bill does not address the business model of credit rating agencies or how interwoven these nongovernmental agencies are with the institutions they rate. The bill does not require that all derivatives be traded through transparent exchanges. The bill does not adequately support both agencies dedicated to finding and fighting fraud in our financial system, and it really doesn’t do anything to address the continuing mortgage foreclosure hemorrhage, the crisis going on across our country.”

In other words, this in not reform.

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Marcy Kaptur made this claim on Dec. 10, 2009 in an impassioned speech on the House floor. She ended that speech with this line, “You know, you would think that after all the damage that has been done in the Republic, this Congress would have the guts for real reform. This bill isn’t it, and I urge my colleagues to vote “no” on final passage.”

Two local congressional legislators, one a yes-man and the other an idealist statesman. I am clearly happy that Marcy Kaptur represents me in congress.

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3 thoughts on “Two Local Congressmen, Far Left, Far Right, Vote “No” on Finance Reform

  1. It is the tragic history of the degradation of the function of the American government that any attempt at reform is destroyed in the process, by the process.
    It is almost as if there is a subversion button pushed any time any special interest is threatened with corrective legislation.
    The original bail out bill which is still villified by the very congressment and senators who are benifiting from it has been labeled and demonstrated as a compromised idea by the most savvy economists we have writing today…Stiglitz and Krugman…for example.
    But it would have been impossible to get what was really needed.
    Just as it is impossible for the American government to be expected to deal with the ongoing disaster in the Gulf of Mexico. A crippled damaged institution with an entire side goose stepping rto destroy any initiative in an attempt to discredit a Democratic President just to regain the power to screw things up again and line their own pockets.

  2. I find it interesting that both extremes of the political spectrum vote similarly for different reasons.

    Unfortunately, neither of these groups offers any meaningful solutions either.

    So, basically, nothing is done.

  3. Really….”clearly happy” with “March Kaptur”?

    For a writer that has consistently written against the congressional-military-industrial control of the United States, I continue to be amazed of the support for Ms. Kaptur. She has been under investigation by the House Ethics Committee for campaign funding violations in the Toledo area dealing with taking money from military-industrial corporations in the districts she represents. It is past time for Marcy Kaptur to be replaced!

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