House Republicans tried yesterday to pass a package of eleven bills that would roll back one or more parts of the 2010 Dodd-Frank financial reform law. Cristina Marcos reported for The Hill,
The measure – one of the first to be considered in the new Congress – was brought up under a fast-track procedure typically considered for noncontroversial legislation that requires a two-thirds majority to pass. But Democratic opposition led to its defeat, by a vote of 276-146.
After the jump I’ve posted the floor speech by Representative Keith Ellison of Minnesota, who laid out the Democratic case against passing this bill. He pointed out its substantive flaws and argued against a process that allowed such a complex bill to be brought to the floor in 24 hours, outside “regular order.”
The roll call shows that not only did all three Iowa Republicans vote for this bill, Dave Loebsack (IA-02) was among the 35 Democrats who supported it too. On social media I’ve seen some confused or angry Iowa Democrats ask why Loebsack would vote for such a bad bill. Although he may agree with its content, I would guess that he mostly wanted to protect himself against future campaign attacks. (Political considerations have pushed Loebsack to vote for many bad Republican bills.) Even if he agrees with rolling back Dodd-Frank reforms, though, Loebsack should not have gone along with rushing it through on the second day of the new Congressional session. Legislation this complicated and far-reaching should be debated and marked up in committee first.
Democrats who aren’t happy with Loebsack’s vote should be sure to let him know. Unfortunately, I anticipate many votes like this one to follow.
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