Rod Blum, David Young, and Steve King vote to gut Wall Street regulations

Iowa’s three Republicans in the U.S. House joined almost all of their GOP colleagues today to approve a bill that would “devastate financial regulation.” The Financial Choice Act would “dismantle” many provisions in the 2010 banking reform law known as Dodd-Frank. It passed by 233 votes to 186 (roll call), with Representatives Rod Blum (IA-01), David Young (IA-03), and Steve King (IA-04) among the 233 Republicans who voted yes. Just one Republican joined 185 House Democrats, including Iowa’s Dave Loebsack (IA-02), to oppose the bill.

House Speaker Paul Ryan is spinning this bill as a rescue of “Main Street America,” but its key beneficiaries would not be small banks, and its provisions could make millions of consumers and investors into sitting ducks for Wall Street abuses.

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The qualities we pray for

Gary Kroeger’s thoughts on the coming campaign in a targeted Congressional district where Democrats Abby Finkenauer and Courtney Rowe are already running. -promoted by desmoinesdem

Two years ago I was in the Democratic primary to unseat Representative Rod Blum in Iowa’s first Congressional district. Along with businessman Ravi Patel and Cedar Rapids city council member Monica Vernon, I ran on progressive values and we strengthened each other’s resolve by engaging every single day with constituents and with each other.

By late summer, Mr. Patel left the primary race and former State Representative Pat Murphy joined. By the following spring (the race was so long I saw seasons change 7 times), I bowed out to support Monica Vernon because I felt that she had the best chance of winning. I went on to run for the Iowa House and Vernon gained the nomination to run against Blum, but incumbents are hard to beat and political intangibles were not in our favor and we both lost.

I’m not pointing this out to re-live the narrative of defeat, but to re-vive the spirit on which we all ran. It was the conviction that we, as Iowans, and as Americans, can do better. We each ran in our respective races because we believed that a dramatic course correction was necessary.

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Rod Blum, David Young lie to cover for reversal on health care bill

All three Iowa Republicans helped the American Health Care Act clear the U.S. House on May 4 with only one vote to spare. Representative Steve King (IA-04) has long called for repealing the 2010 health care reform law “root and branch” and came around to supporting the GOP replacement proposal in March. So nothing about his vote was surprising, aside from his awkward description of how former Representative Michele Bachmann’s “finger joined mine today to push my vote button to dismantle” Obamacare.

Unlike King, Representatives Rod Blum (IA-01) and David Young (IA-03) made a big show of opposing the AHCA in March. Blum pledged to insist on lower costs for consumers and helping “people who need the help.” Young repeatedly promised to protect people with pre-existing conditions while making sure the bill wouldn’t bring back caps on health benefits.

Feigning concern about the legislative process, Blum said in March, “I believe Congress should slow down and discuss in an open and transparent manner” how to address the “unsustainably high cost of healthcare in America.” Similarly, Young warned, “The ACA [Affordable Care Act] was rushed through Congress and to President Obama’s desk which resulted in a failed law that does not work for everyone [….] It is a fundamental principle that repeal, reforms and fixes to healthcare are done in the right way, for the right reasons, and in the right amount of time it takes to ensure we avoid the mistakes of the past. We need to be thoughtful and deliberate and get this right […].”

Over the past week, Blum studiously avoided comment as GOP leaders sought ways to give members cover for caving. Young’s staff told hundreds of callers he was still against the bill, even as late as Wednesday morning. The same day, he signed on as co-sponsor of an amendment that “comes nowhere close to meeting Republican commitments to people with pre-existing conditions.”

Self-styled deficit hawk Blum and “affordable for every patient” Young proceeded to vote for the bill without waiting for a Congressional Budget Office score to tell them “how many people it covers or how much it would cost.” It wasn’t the first time Young reversed his position on a matter of principle to please his party leaders.

In their comments on the House vote, Young and Blum tried to take credit for imaginary improvements in the AHCA. Their claims can’t withstand scrutiny.

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