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Wednesday, March 9, 2011

Follow the Law Congress!

Public Citizen sent me another letter today, pointing out that the House budget proposes massive cuts to agencies that regulate Wall Street. I guess if you were angling for a second crash to bring the economy down the first place you would look for budget cutting is the agencies that are regulating the people who brought down the economy a few years ago.  Then you can do another massive bailout of your friends on Wall street.  Besides the fact that  these cuts are nonsensical, many of the cuts the house is proposing put them in failure of their legal obligations to fund programs.  You can't repeal a law by not funding it.  Congress is trying the illegal back door approach to defunding financial regulation.  Now a word from the moderates:

Public Citizen

Today, the Senate is scheduled to vote on competing budgets — one proposed by Republicans, one proposed by Democrats. 

Among the numerous nonsensical cuts in the GOP budget are draconian cuts to federal agencies charged with preventing Wall Street from crashing our economy again. 

Do they think Wall Street is going to regulate itself?

Urge your senators to oppose cuts to consumer protections and hold Wall Street accountable.

The cuts to the Consumer Financial Protection Bureau, Commodity Futures Trading Commission and the Securities and Exchange Commission will increase America’s vulnerability to another financial crisis and make the marketplace less safe for consumers.

Less regulation is just fine with Wall Street. As awful as this recession has been for most of us, 2010 was the best year ever for the banks, firms and hedge funds that gave $135 billion in record-breaking payouts.

Tell your senators they need to fully fund the agencies with the authority to crack down on Wall Street’s activities that bankrupt our states, our communities and small businesses. 

Send a message to your senators urging them to oppose these cuts: 
www.citizen.org/do-not-cut-consumer-protections 

The most irresponsible response to these circumstances would be to cut critical public protections when they are needed the most. 

Thanks for all you do,

Rick Claypool
Public Citizen's Online Action Team
action@citizen.org

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