High on the agenda of the new GOP-controlled congress is the dismantling of financial regulations put in place after the most recent financial meltdown.
The house recently voted to approve HR37 (Promoting Job Creation and Reducing Small Business Burdens Act) by 271:154 with 29 Democrats voting in favor – including our representative for the 52nd Scott Peters (Susan Davis and Juan Vargas voted against the bill).
Thankfully the GOP doesn’t have a veto proof majority in the Senate and the President said in his SOTU that we would veto any further weakening of the Dodd-Frank regulation (to standing applause from Elizabeth Warren).
Clubmember Gail Mackler spoke at our January meeting urging us to call and/or write to Scott’s office to express our concern with his voting with the GOP on this important issue. You can cut and paste suggested text for a letter or email below (or download a PDF file).
You can call/write to Scott at his San Diego address:
4350 Executive Drive, Suite 105
San Diego, CA 92121
phone: (858) 455-5550
Or use the form on his website to send an email.
Clubmember Howard Wayne, Vice Chair Central, has also penned a letter he encourages us to send to President Obama asking him to hang strong and not to further weaken our protections against some parts of the financial community. (PDF file).
You can call/write/email the President at:
1600 Pennsylvania Ave NW
Washington, DC 20500
Comments Line: (202) 456-1111
Comments@whitehouse.gov
Suggested plain text message to Scott Peters
Scott Peters
4350 Executive Drive, Suite 105
San Diego, CA 92121
January 25, 2015
Dear Representative Peters,
We are members of the Point Loma Democratic Club of San Diego, California, as well as being constituents of your 52nd Congressional District. We were honored to support your election and we want to continue to send you to Congress to represent us.
However, last week you voted, along with 28 other Democrats, with the new Republican Congress to weaken crucial parts of the Dodd-Frank financial reform bill. This legislation reversed many of the measure that were put into place after the Crash of 2008—letting banks run wild and return to their former dangerous banking and mortgage derivative practices.
The Financial Crisis Inquiry Report concluded that the financial and economic crisis was preventable and resulted from inadequate regulation of the financial sector. The Democratic Party’s response to this crisis was Dodd-Frank. The time to prevent the next financial meltdown is now.
We have expected the Republican Congress to side with Wall Street over Main Street time and time and time again. But we are concerned that your recent votes align you with the Republicans on fiscal matters rather than representing your Democratic majority voters here in the 52nd.
We want to let you know that we are aware of how you are voting. And we would like an explanation of why you choose to vote for a bill that puts the economic stability of the country at risk once again.
Sincerely,
Suggested plain text message to President Obama
President Obama
1600 Pennsylvania Ave NW
Washington, DC 20500
January 25, 2015
Dear President Obama:
We are members of the Point Loma Democratic Club of San Diego, California. We were honored to support your election and believe that one of your enduring legacies will be the Wall Street reforms in the Dodd-Frank legislation. We were thrilled by your declaration in Tuesday’s State of the Union address that you will veto any bills “unraveling the new rules on Wall Street.”
The so-called CRomnibus bill passed in December to avert a government shutdown included a provision that’ scrapped some Dodd-Frank provisions restricting how banks can trade in derivatives. You undercut efforts to remove this provision by signaling you would sign the bill with the rollback language included. This month you signed a bill reauthorizing terrorism insurance that included a rider with more carve-outs for derivatives. None of those provisions were germane to the bills.
We have no doubt that Republicans, with some Democratic support, will attach provisions to bills that need to pass that attempt to unravel Dodd-Frank rules on Wall Street. We look to you to call their bluff and veto them. Everyone of them you sign encourages more aggressive moves to emasculate financial sector reforms.
The Financial Crisis Inquiry Report concluded that the financial and economic crisis was preventable and resulted from inadequate regulation of the financial sector. The Democratic Party’s response – and your response – to the crisis was Dodd-Frank. The time to prevent the next financial meltdown is now. You are the person who can do it by vetoing efforts to repeal the reforms.
We are looking to you.
Sincerely,
POINT LOMA & OB DEMS 