On October 30th, the House passed a bill called H.R. 992 entitled the Swaps Regulatory Improvement Act, which was literally written and designed by big-bank lobbyists. The bill was written in order to repeal the laws passed in 2010 to avoid another collapse comparable to the economy crash of 2008.
According to the New York Times “70 of the 85 lines in the new House bill were literally written by Citigroup lobbyists.” The bills were cosponsored by 4 Republicans and 4 Democrats. Rep. Jim Himes (D-CT), one of the cosponsors, is a former Goldman Sachs executive and chief fundraiser for the Democratic Congressional Campaign Committee. Maplight’s data demonstrates that members of the House received $22,425,740 from interest groups in support of the bill — crushing the opposed interest groups’ contributions by 5.8 times.
The New York Times also reported:
House aides, when asked why Democrats would vote for this proposal even though the Obama administration opposes it, offered a political explanation. Republicans have enough votes to pass it themselves, so vulnerable House Democrats might as well join them, and collect industry money for their campaigns.”
Watch the Video Below: